Fintech platform ebroker, which first launched in 2015 to broker deals between small and medium-sized businesses with non-bank lenders, has announced that it has received $1 million of investment from private wealth company Tor Capital.
According to the finance matching platform, the investment comes after a strong period of growth for the website.
ebroker CEO Simon Isaacs said, “It has been my goal as the founder to expand operations at ebroker to allow the business to grow. We have seen enquiry rates via our website increase over 350 per cent over the last three years.
"Since launching in July 2015, we have achieved 26,400 lending matches. Our data confirms demand for $257 million in unsecured loans and $140 million in asset finance in the past 12 months alone, which underlines the growth and demand in this area of the lending market.”
Mr Isaacs noted that the types of business using ebroker had changed since the platform’s launch, with a wider range of businesses and more established SMEs using the website.
He continued: “Now represents a fantastic time to accept capital and additional experience as the marketplace for non-bank and fintech lenders moves to the next level.
“We are seeing a real problem of SMEs having issues accessing funding being solved by a new wave of thinkers and technology.
“This investment will allow us to make some changes to our platform, add additional resources in staffing to help both our customers and lenders connect.
“It will also allow investment into our data analysis and provide expertise on all areas of SME finance,” he said.
As well as the investment, the head of the Fitzpatrick-backed company Tor Capital – Heath Fitzpatrick – has also been appointed as ebroker’s new chief operating officer (COO) to oversee the platform’s expansion.
Mr Fitzpatrick commented: “We are delighted to be given this opportunity to be involved in what we see as the next chapter in finance. While lead generation and brokering is nothing new, what ebroker is doing is truly positive and innovative in providing a transparent and bias-free platform.
“We are committed to returning the balance of power and choice back to the consumer that for so long has been clouded in an air of mystery.”
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.