Fintech smashes $1 million loan milestone

by Miklos Bolza15 Dec 2016
Corporate software provider Reckon has announced that its Reckon Loans (powered by Prospa) platform has now delivered more than $1 million of loans to small businesses.
In its partnership with Prospa, Reckon provides unsecured loans of between $5,000 and $250,000 within one business day to SMEs.
COO for Reckon Group, Dan Rabie, said that Reckon Loans was a fintech disruptor that added diversity and eliminated red tape from Australia’s SME loan market.
“This is a significant milestone for our business and clearly shows there’s a need for a faster and friendlier service than the banks are providing. We can access accounting data through the Reckon One platform to look at the overall health of a business, not just personal credit scores,” he told Australian FinTech.
“There are 400,000 small businesses needing cash flow financing each year which is the highest ranked pain point that keeps small business owners up at night. This issue isn’t being served well by traditional lending sources, so we took a brave step to help the engine room of our economy thrive.”
Beau Bertoli, joint CEO of Prospa, told Australian FinTech that Reckon Loans’ success indicated that small businesses were crying out for easy capital.
“Reckon Loans powered by Prospa is a partnership between two trusted brands. Together we’ve been able to offer business owners a customised approach to access working capital and grow their business,” he said.
“Customer feedback has been incredibly positive. To reach this figure in such a short space of time means we’re having a major impact.”
Bertoli continued, saying that Prospa was optimistic about the future.
“We’ll continue to invest heavily in developing deeper integrations to improve the partnership and customer journey.”
Related stories:
Artificial intelligence could be used to hunt rogue brokers
Mortgage franchise partners with leading fintech
Fintechs not a major threat to brokers