Powered by MOMENTUM MEDIA
subscribe to our newsletter

Fintech closes $15m funding round

Lending fintech Symple Loans has closed a $15-million Series D funding round that aims to “accelerate its profitable growth strategy” and be used for “targeted investments”.

The Melbourne-based consumer lending fintech, which opened its books in January 2019, has closed its $15-million Series D funding round.

The new funding round has taken its total capital raised to date to more than $130 million (in combined equity and debt).  

According to Symple, the funds will be used “to further accelerate its profitable growth strategy” and for “targeted investments in new digital capabilities” in order to meet increased lending demand among Australians as the economy recovers from the COVID-19 recession.

The fintech said the financing round was well supported by existing shareholders, including investment firm Welas Investment Fund.

Advertisement
Advertisement

Gareth Thomas, chief investment officer of Symple, said: “We’re thankful to our investors for the ongoing support of our strategy and their confidence in our ability to deliver outperformance outcomes.  

“Symple’s business model has proven resilient during this time of volatility – we’re fortunate to be well capitalised and well positioned to further scale in the coming months and beyond.”

Tony Wales, director of Welas Investment Fund, commented: “Symple’s operational discipline and clever use of tailored risk-based pricing techniques are redefining personal lending for Australian borrowers and enabled them to deliver impressive performance to date. 

“We’re very excited to continue supporting the Symple team as they prepare and build the business for the opportunity ahead.”  

Looking forward, the fintech said it would build its presence in the market, including through its broker channel partnerships, and look to provide tailored risk-based pricing products (thus addressing what it sees as unnecessarily high-interest rates being paid by “credit-worthy” Australian consumers). 

PROMOTED CONTENT


Bob Belan, Symple’s co-founder and CEO, said: “Symple, along with our Australian fintech peers, has a role to play in supporting the country’s recovery and addressing the inherent consumer demand for better, faster and more affordable lending options. 

“We remain focused on building on our momentum to date and doubling-down on our vision to redefine how personal lending ought to work.”

[Related: Lender employs PwC fraud prevention software]

Fintech closes $15m funding round
Fintech closes $15m funding round
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Reporter

If you have any news, ideas or enquiries for Mortgage Business - please contact This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Latest News

Banks are too reliant on regulatory oversight to do what is right for borrowers, the big four boss has said. ...

There has been a surge in Melbourne residents migrating to regional Victoria, and an uplift in new housing approvals in Geelong, new researc...

ASIC reported a significant increase in the number of ACL and AFSL applications it received in the past year due to licensing reforms, inclu...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.