ThinCats Australia has celebrated its first-year anniversary this week, welcoming a well-known finance commentator as a new shareholder.
With more than 250 lenders and finance brokers now on its platform, the peer-to-peer lender has arranged loans aggregating close to $2 million to date at interest rates ranging from 11.5 per cent to 14.5 per cent to diverse businesses.
“We are disrupting the business lending sector in Australia, attracting a strong line-up of lenders and brokers to our digital platform, with a strong pipeline of loans now in place for 2016,” ThinCats Australia CEO Sunil Aranha said.
Mr Aranha said the group has managed to assist SME customers who are not optimally serviced by bank and non-bank financial institutions.
“Many of the estimated 2.1 million small-to-medium businesses, whose financial needs are often ignored by the big lenders, are waking up to marketplace lending platforms as a viable and attractive alternative,” he added.
Meanwhile, Alan Kohler has been announced as a new shareholder for ThinCats Australia and said he is excited about the opportunities the role will provide him.
“I am excited to become a ThinCats Australia shareholder at a time when peer-to-peer lending is taking off in Australia,” Mr Kohler said.
“Our job is to tap into the estimated 400,000 high net worth investors, whose super funds hold around $1 trillion in investable assets looking for better returns," he added.
“ThinCats allows lenders to spread their risk by lending to multiple businesses at a price determined by the market, providing them with access to a fixed interest asset class that has largely been the domain of the banks.”