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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.

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

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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]

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