Fintech lender offers $10k scholarship

The company has launched its Jacaranda Finance Scholarship for Entrepreneurs for an Australian-based student who can demonstrate a “promising” start-up business idea.

Jacaranda head of growth Matt Wong said the company wanted to support young Australians to strike out for themselves and set up the successful new enterprises of the future.

“We know cash can be hard to come by when you’re studying and trying to support yourself and, if you’re looking to grow a business at the same time, it’s even more challenging,” Mr Wong said.

“A $10,000 cash injection can go a long way, especially in those early stages.”

While the scholarship winner can “do as they wish with the money” it’s hoped the funding will take their “fledgling business to the next level”.

The successful candidate must be studying a degree or certification in commerce, business, technology or finance at an Australian university or TAFE and have an ABN for their business.

Starting from the humble beginnings of chief executive Daniel Wessels’ parents’ home in 2013, with an initial investment of $1,000, the company now holds a $50 million loan book. 

And in the last two years, Jacaranda expanded its portfolio into the prime personal loan market, after years of offering small loans in the near-prime specialist space. 

Mr Wessels’ entrepreneurialism and acumen have netted him a string of business awards, including the Australian Young Entrepreneur Finance Award, in both 2019 and 2020.

Entries close on 31 March and must include a pitch deck: a visual document that provides details about the business model and product offering and how the candidate is using technology to make their operations smarter and more efficient.

[Related: Fintech lender enters prime space]