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5 FinTech platforms offering SME Loans in Australia

By Gloria Mathias

February 29, 2024

  • Australia Bank
  • Australia Fintech news
  • Australia news
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SME Loans, Lending Solutions, Payments, Business Loans, Loans Management, Moula, Prospa, Shift Financial, Judo Bank, Lumi, Lending solutions, SME financing, catering to the financial needs of SMEs, has gained traction globally due to several interconnected factors. SMEs are recognised as vital contributors to economic growth and employment, prompting governments and financial institutions to prioritise support for these businesses.

The advent of FinTech has revolutionised SME financing, offering innovative solutions that streamline processes and provide easier access to capital through platforms like peer-to-peer lending, invoice financing, and crowdfunding. Additionally, governments have implemented policies and initiatives to facilitate SME financing, including loan guarantees and tax incentives.

Changing consumer behaviour, with increasing reliance on digital platforms for financial transactions, has further accelerated the popularity of online lending and digital banking services, making SME financing more accessible and efficient. These trends collectively reflect a growing recognition of the importance of SMEs and the evolving landscape of finance, underscoring the significance of SME financing in driving economic development globally.

Listed below are 5 FinTech platforms empowering SMEs in Australia:

Judo Bank is a challenger bank in Australia that offers business lending solutions for small and medium businesses. Judo Bank’s products are designed to be client-centered and personalized. They offer flexible product features that can be tailored to an individual business. Judo Bank’s business lending solutions start at $250,000.

Lumi is a FinTech company that offers small business loans and lines of credit in Australia. Lumi’s mission is to help small and medium-sized enterprises (SMEs) who have trouble getting financing from other lenders. Lumi offers loans ranging from $5,000 to $500,000 with terms of 3–36 months. Lumi’s technology can process loan applications within hours and provide same-day decisions.

Moula is an Australian company that offers business loans to small and medium-sized businesses. Founded in 2013, Moula helps businesses access capital by providing working capital and other financial services.

Prospa is a banking app and online lender that serves business owners, entrepreneurs, and freelancers. Prospa offers business loans ranging from $5,000 to $500,000 with terms between 3 and 36 months. It loans can be used for a variety of purposes, such as moving, opening a second location, renovating premises, or buying stock. Prospa loans offer early payout options and cash flow-friendly repayments.

Shift provides financial certainty to businesses so they can operate and grow with the offered range of credit and payment products across the working capital, asset finance, and trade credit markets. Established small and medium-sized businesses (SMEs) are those businesses with $1 million to $10 million in annual revenue. As dedicated business specialists, Shift provides financial certainty to businesses so they can operate and grow.

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