Fintech B2B small business lending marketplace Bigstone raises $3 million
Fintech start-up Bigstone has raised $3 million from a range of investors, including ASX-listed diversified investments and venture capital firm CVC, to grow its small business lending marketplace and offer an alternative to the big banks.
The seed funding round is the first capital raised by the start-up, which connects small businesses wanting to borrow up to $250,000 with non-bank lenders.
Other major investors in the round were the founders of Bangkok-based fund Lighthouse Venture Partners Paniti Junhasavasdikul and Narith Phadungchai, in addition to private investors.
Bigstone co-founder and chief executive Boyd Pederson said the capital would be used to fuel expansion, grow its marketing team and to continue developing the marketplace.
“Our aspirations are high, but we have to prove that we can underwrite loans first … so the focus is on marketing, hiring people … expanding our reach and growing into advisory channels. For the next 12 months we expect to be building the bulk of the business here,” Mr Pederson said.
“We have aspirations to grow this business beyond Australia [to south-east Asia]. The working capital funding gap for small businesses amounts to $2.4 trillion worldwide and that’s growing.”
Small businesses using the platform receive a rate within minutes of applying, approval or rejection within hours and funds within two days.
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