A lender matching service has announced the launch of a new platform created to help finance brokers better source funding for SMEs amidst the changing financial services landscape.
According to Lend.com.au co-founder and CEO, Bill Baker, Australia’s $700m alternative lending market is about to undergo a “major transformation”.
“As SMEs increasingly turn to non-bank sources for loans, we predict the alternative lending market will grow to over $2bn by the end of 2021, commission rates for brokers will fall and the industry will experience major consolidation due to technology transforming the marketplace,” he said.
“The industry is on the verge of a seismic, tech-driven shift. Our vision is to capitalise on this trend and be the go-to platform for every finance broker in Australia.”
Currently, Lend estimates there are over 40 lenders servicing the 2.1m SMEs across Australia.
According to Baker, Lend’s new platform will be the industry's only “complete solution” for Australian SME finance brokers.
“The Lend.com.au technology will instantly provide the finance broker with the most suitable lender for their client’s business based on its business profile. [The] platform will also allow brokers to spend more time doing what they do best – servicing their client’s needs – while promising to unlock business potential and profitability,” Baker explained.
Brokers are estimated to save up to four hours per client through using the tools available on the new platform, such as its single application facility, instant analysis of loan applications and best lender matching technology.
The platform will also introduce the “industry first” LendScore, a predictive modelling tool which can calculate the likelihood of a client’s loan getting approved by a lender.
“Throughout the development of the platform, we regularly consulted with brokers for their insights and feedback. Lend.com.au is a truly broker-driven platform,” said Baker.
“We will continue to undertake research on the best small business loans in the marketplace, keeping credit criteria up to date and onboarding new lenders. We will also continually invest in its platform technology to enhance the platform with strong input from brokers.”