SME lender expands presence within Australia

by Madison Utley18 Jul 2019

The CEO of an online SME lender has called its alliance with a leading aggregator a “logical step” in its Australian operations.

OnDeck Australia has joined the lending panel at Finance & Systems Technology (FAST), in an arrangement that will help facilitate more opportunities for FAST brokers interested in expanding into the SME lending channel.

“We are rapidly expanding our involvement in the broker channel, and we believe this will continue to facilitate our expansion across the SME market,” said Cameron Poolman, OnDeck Australia CEO.

“We are delighted to join the panel of FAST, which will expand our brand presence across Australia, and deliver increased options for SMEs seeking funds to grow their business. It broadens the distribution channel for our SME funding and plant and equipment finance products, and lets us continue our mission of helping Australian SMEs reach their full potential.”

According to Brendan Wright, CEO of FAST, the aggregator’s network delivers over $7bn in business lending solutions to clients annually.

“SME and business finance has always been a core part of our value proposition, and with 2.1 million SMEs operating in Australia, FAST brokers continue to support this growing segment, helping businesses get access to the funding they need,” he continued.

As Australian SMEs continue to struggle to secure funding from traditional banks, they are increasingly open to alternative finance options.

“There is definitely growing interest in alternative lenders amongst SMEs, with one in five likely to consider an online lender. This provides outstanding opportunities for brokers to build on their revenue base,” said Poolman.