Commonwealth Bank has been recognised for its ability to lend to small business customers with the help of a global fintech player.
The major bank’s partnership with OnDeck Australia was named FinTech-Bank Collaboration of the Year at the inaugural Australian FinTech Awards.
Launched as a pilot program in December 2015, the CBA-OnDeck collaboration services the bank’s retail SME customers with revenue under $1 million.
While CBA’s traditional small business loans are longer term, secured and linked to the owner’s personal credit score, OnDeck allows the bank to cater to the other end of the market with short-term, unsecured loans based on a range of credit information.
CEO of OnDeck Australia, Cameron Poolman, said he was honoured by the recognition.
“This award acknowledges the great work of the teams at Commonwealth Bank and OnDeck. Our collaboration is successful because we are pursuing the same objective, helping Australian small businesses grow through increased access to funding.”