Fintech lender partners with retail marketplace

by Miklos Bolza20 Oct 2017
Fintech lender Prospa has partnered with retail marketplace MyDeal to bring new lending options to small business owners on the platform.

More than 1,000 businesses will now be able to access up to $250,000 worth of finance under the newly created MyDeal Marketplace Loans with some able to receive funds within 24 hours.

Matt Bauld, Prospa’s general manager of sales and business development, told Australian Broker that the lender is always seeking new ways to help small business owners access finance.

“One of the reasons we’ve grown as quickly as we have is that early on we recognised the value of working with partners.”

Prospa now has more than 4,000 trusted referrers, including brokers, aggregators such as AFG, Connective and Finsure, and industry associations such as the Mortgage & Finance Association of Australia (MFAA). The lender also works with brands such as Westpac, NMRA Insurance and Xero.

“The common element to all these relationships is helping more small business owners to access finance quickly and easily – whenever they need it,” Bauld said.

Although MyDeal has traditionally acted to promote greater volumes of sales for its member businesses, the main mission has been to help these retailers succeed online, said CEO of MyDeal.com.au, Sean Senvirtne.

“We are always looking for new ways to accelerate the growth of our retailers. [By] providing additional support we believe this will enhance the experience for retailers who choose to list with MyDeal Marketplace.”

Despite the new agreement between Prospa and MyDeal, it will be business as usual for referral partners such as brokers, Bauld said.

“When they refer their small business clients to Prospa directly we’ll give those customers fast easy access to finance and an amazing customer experience. Our partners will get happy customers, access to our marketing and education platform and the potential for ongoing revenue.”

This new partnership comes after five years of strong growth for Prospa.

“For all that time, we’ve been advocating to brokers that they should consider diversifying to meet the growing demand from small business owners.”

An increase in the numbers of brokers offering commercial finance has led to more money being invested in small businesses which otherwise would have been without, Bauld said.

Prospa has already delivered $450m to small business in Australia and demand is not slowing down.”

Related stories:

Online lender secures $20m debt facility

Small business lender partners with national insurer

Fintech smashes $1 million loan milestone

COMMENTS

  • by AB 31/10/2017 4:44:48 PM

    Prospa too expensive . You'd need your head read to give your clients their products