Breakfast wrap: data-driven fintech lending opportunity to support SME sector

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Breakfast wrap: data-driven fintech lending opportunity to support SME sector

Business owners seeking to expand their operations can potentially access funding within a day of applying because of the opportunities afforded by data-driven lending facilitated by fintech players such as Moula.

That was the key message from our latest business breakfast presentation (Wednesday, June 29th), which outlined the opportunities and support that small to medium enterprises can tap into as they seek to grow.

As one of Australia's fast-growth fintech lenders, Moula targets the segments that the banks ignore: SMEs with a strong underlying business but which lack the assets to lend against.

Guest presenter Aris Allegos, CEO of Moula, told the packed breakfast audience that in some circumstances, time to funding could be 'as lightning fast as 0.8 of a day', because of the ability of Moula's proprietary platform to assess loans based on cloud accounting data. 

Association president Colin Wright said SMEs should consider financing where there was a specific short term need and a short term (6-12 month) sustainable repayment plan.

"Fintech represents a huge opportunity for SMEs who are shut out by the banks because they can’t fit traditional loan requirements," Wright says.

"This is where virtual CFOs can add huge value to their clients, by appropriately advising of the suitability of credit lending as an option and matching the loan purpose to the right debt product for the benefit of the client's business.

"As virtual CFOs, we also recognise the opportunity and potential through partnering with leading data-driven lenders like Moula for the benefit of our clients."

Wednesday's breakfast was just the second since the Association was launched in April and interest continues to grow as more virtual CFOs step forward to help define and build our exciting, emerging industry.

Here's just a few encouraging words from members and attendees: