ThinCats reveals new commission structure

ThinCats Australia has unveiled a new commission structure for brokers just days after revealing it is considering listing on the ASX as a growth strategy.

The peer-to-peer lender already paid brokers a commission of 25 basis points for a lead on settlement of a loan (without a fully completed application) and a trail commission of 15 basis points.

However, ThinCats will now pay a commission of 60 basis points for a lead with a fully completed application, with a trail commission of 15 basis points.

The group has also announced no clawback, and borrowers are allowed to repay the full amount of the loan at any time without penalty.

“We are keen to develop our relationships with brokers and believe our commission structure will attract more of them to our platform,” ThinCats Australia CEO Sunil Aranha said.

The peer-to-peer lender, which launched in Australia in December 2014, recently revealed that an IPO was one of several growth strategies it was considering.

ThinCats said it was in discussion with credit unions, private equity funds and accounting firms that wish to enter the growing sector through a strategic alliance with the company.

“We are in deep discussions with a number of parties about our platform, which specifically targets the more than two million SME businesses whose incremental financial needs are often ignored by the big lenders,” Mr Aranha said.

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