Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

Fintech player enters SME lending market

Australia’s SME lending marketplace has seen a new addition with the launch of a new peer-to-peer platform.

Bigstone Capital specialises in small business loans of up to $250,000, enabling borrowers to get a customised rate in less than two minutes, apply for a loan in less than 30 minutes, get a final rate in as little as 24 hours, and receive funding in as little as two days.

Boyd Pederson, CEO of Bigstone, said the platform uses new algorithms and data sources to provide additional insight to conventional lenders, including banks.

Advertisement
Advertisement

“There’s so much information available that banks simply aren’t using. Bigstone uses this data to create an honest credit assessment,” he said.

These algorithms draw on data covering a borrower’s track record, including financial trajectories and the credit profiles of company directors.

Mr Pederson said Bigstone offers investors good returns in a “low interest, high share market volatility environment”.

“We’re giving investors access to a new asset class that has traditionally only been available to large financial institutions,” he said.

[Related: Assetline expands SME offering]

Fintech player enters SME lending market
mortgagebusiness

Latest News

OPINION: The House of Representatives’ standing committee on economics has suggested that banks should automatically adjust borrower repay...

The central bank has noted lower mortgage arrears rates for more recent loans, attributing it to the effectiveness of tighter lending standa...

While the housing market has curbed its downward trajectory, meaningful growth is not yet expected, according to HIA’s chief economist. ...

FROM THE WEB
podcast

LATEST PODCAST: Vertical integration and the rise of neobanks

Do you think the mortgage market will see more consolidation this year?

Website Notifications

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