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NAB supplies fintech with $57m loan facility

A fintech lender has secured a $57-million warehouse facility from NAB, as part of the major bank’s commitment to supplementing the growth of “high-potential” start-ups.

NAB has announced that it has financed a new $57-million securitisation warehouse trust established by marketplace lender Symple Loans.

According to NAB, the funding arrangement is part of the bank’s commitment to provide up to $2 billion in funding to “tech-enabled start-ups” by providing access to debt capital and broader banking services for “high-potential ventures”.

Commenting on the bank’s funding arrangement with Symple, NAB’s head of emerging technology clients, Steve Smith, said: “NAB has recognised there was a gap in the market for providing early-stage debt funding for technology companies like Symple that have strong business models, high growth potential and a real focus on delivering for their customers.

“We’re committed to supporting these types of ventures, both in fintech as well as across the technology sector more widely, as they establish themselves, grow and evolve into market-leading businesses over time.

“Symple has a compelling product and customer value proposition, as well as a deeply experienced management team, so the opportunity to work with them on this deal is exciting. We see this as the start of a long-term relationship, that is underpinned by the great depth of capability NAB’s securitisation team has to offer in the fintech sector.”

Symple Loans co-founder and CEO Bob Belan said the wholesale facility with NAB would enable the fintech to “boost its new loan origination volumes”.

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“We’re thrilled to be partnering with NAB as we enter the next phase of our business,” Mr Belan said.

“Our new securitised warehouse program supports our growth today and positions the company to access additional capital when needed via private, wholesale and public asset-backed security markets as we build towards our $2-billion loans under management target.”

NAB bolsters business banking team

NAB has also announced that it will be introducing 163 new roles in its business and private bank, in a renewed effort to bolster its offering to business clients.

The new roles will include 50 home loan business bankers, 26 commercial broker roles, 65 business direct and small-business banker and support roles, and 22 relationship bankers.

Most of the roles will be based in NSW and Victoria, with 130 planned appointments in the states, while the remaining roles will be based in Queensland and the Northern Territory.

According to NAB, the new roles will be spread across both metropolitan and regional locations, with a focus on agribusiness, health, professional services, education and private banking.

Following the announcement, NAB’s chief customer officer of business and private banking, Anthony Healy, said: “Over the last two years, we have been transforming our business and reshaping our workforce. This means investing in skill sets and technologies to support the sectors that matter most to Australia.”

NAB stated that before embarking on the revamp, it undertook extensive market research as well as internal assessments, which identified 150 growth areas. 

“Our managing partners know their customers and communities intimately, and they’ve helped identify growth potential of local businesses, and set this against our existing banker specialisation,” Mr Healy added.

“This helped us to flex our strategy to better support the industries and areas that matter most for Australia.

“These new roles build on the work we’ve done to ensure small business and agribusiness customers across Australia have access to banking at all times.”

Mr Healy concluded: “We are not standing still in our commitment to kickstart a cycle of meaningful business investment and growth in Australia. Supporting customers to grow means we need to be agile in our approach to how we structure our business, and this is delivering results.”

[Related: Asset finance lender welcomes sale to Cerberus]

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