Melbourne-based digital lender Symple Loans has raised $15m in its recent Series D funding round as it plans to grow its capabilities amid expectations of increased lending demand.
The latest funding round, which Symple said was well-supported by existing investors, builds on the firm’s $11m Series C capital raise in January 2020. The group has raised over $130m in debt and equity to date.
"Symple’s business model has proven resilient during this time of volatility – we’re fortunate to be well capitalised and well positioned to further scale in the coming months and beyond," said Gareth Thomas, chief investment officer at Symple Loans.
Meanwhile, Bob Belan, co-founder and chief executive officer at Symple Loans, said the company remains focussed on addressing the "unnecessarily high interest rates being paid by credit-worthy Australian consumers.”
"Symple, along with our Australian fintech peers, has a role to play in supporting the country’s recovery and addressing the inherent consumer demand for better, faster and more affordable lending options," he said.
For his part, Tony Wales, director of Welas Investment Fund — one of Symple’s existing investors — said that firm’s “operational discipline and clever use of tailored risk-based pricing techniques are redefining personal lending for Australian borrowers and enabled them to deliver impressive performance to date.”
“We’re very excited to continue supporting the Symple Team as they prepare and build the business for the opportunity ahead,” said Wales.
The funding round follows Symple’s recent partnership with AFG, which Belan said is a crucial step in the fintech’s growth plans as it looks to expand its footprint in the market.