Powered by MOMENTUM MEDIA
subscribe to our newsletter
Fintech player enters SME lending market

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
  • 23
    Days
  • :
  • 07
    Hours
  • :
  • 54
    Minutes
  • :
  • 01
    Seconds

EARLY BIRD CLOSING SOON
Have you secured yours?

Latest News

Stagnant housing market activity is expected to prolong the stay of borrowers in arrears, with the forecast fall in home values to be among...

The non-bank sector is expected to “lead the way” in 2019, after issuing more than 60 per cent of new home loans in 2018, according to S...

The volume and value of new residential buildings fell in the September quarter 2018, reflecting the “softening” housing market the HIA ...

FROM THE WEB
podcast

LATEST PODCAST: How a softening property market will impact the mortgage sector

Is enough being done to ensure responsible lending?