back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

InfraRisk and Banjo Loans launch a short term loan platform in Australia

By Leandra Monteiro

March 31, 2021

  • Australia
  • Infrarisk
Share

Banjo Loans, InfraRisk, Australia, loan, SMEs,Micro and small businesses will be able to source quick funding, like a buy now pay later solution, through Banjo Supply, a new digital loan platform launched by InfraRisk, a provider of digital lending solutions and Banjo Loans, a FinTech lender to SMEs.

Banjo Supply, is a loan product designed for SMEs and can be funded in minutes and starts from AU$5000. Using Infrarisk’s modularised SME digital lending platform powered by big data analytics and AI technologies, Banjo can streamline and automate the previously complex small business lending process from end to end. The loan product leverages alternative data sources for decision making.

Nicholas Davies, chief executive officer of InfraRisk said, “Our go-to-market approach to this business sector is to target select proven industry verticals that are rich in alternative data. It will initially focus on the hospitality and retail sector, which has also been hit hard by the outbreak of COVID-19 and in desperate need of working capital. We want to provide a tailored lending product directly into their daily workflow and financial ecosystem.”

The platform has been integrated with a number of data partners, including ZiiCloud, a hospitality and retail POS specialist, tapping into Point-of-Sale data, transaction data and regulatory reporting data, with customer consent. InfraRisk and Banjo will be looking at expanding the data coverage reach extensively over the coming months.

Guy Callaghan, chief executive officer of Banjo said, “Having worked closely with larger Australian SMEs over the past 6 years, we’re excited to enter into the micro and small business sector. Banjo Supply is specially designed to play a role in helping micro and small businesses get back on their feet and bolster the recovery of the Australian economy.”

Banjo has until now focused on companies with turnover of AU$500k – AU$50m. By combining previously inaccessible data with big data analytics and automation, Banjo will now extend fast unsecured loan amounts to small businesses in need of working capital, starting from AU$5,000.

Small businesses have been one of the main driving forces of Australian economic development. Official data released by the Australian government shows the country’s SMEs create 44% of jobs and contribute to 35% of its domestic GDP. Research by East & Partners found out that the unmet credit demand among Australian SMEs had reached AU$118.4 billion (US$91.5 billion) by the end of 2019.

Previous Article

March 31, 2021

Bakkt launches Bakkt App, a digital wallet to manage all forms of digital assets

Read More
Next Article

March 31, 2021

Deutsche Bank rolls out green deposits for corporates

Read More










IBSi Daily News Analysis

The Weekly Wrap

August 12, 2022

Australia

The Weekly Wrap: all you need to know by Friday COB | August 12th

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

August 12, 2022

Together Credit Union selects Empower, Black Knight’s Loan Origination System

Read More

August 12, 2022

Funding Circle and Farm Bureau Bank collaborate to boost small business lending

Read More

August 12, 2022

PayGround launches Payment Financing Solution on its platform

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
IBS Intelligence - Global Digital Banking Vendor & Landscape Report Q2 2022
Global Digital Banking Vendor & Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Treasury & Capital Markets Systems Report Q2 2022
Treasury and Capital Markets Systems Report 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022