A group of fintech lenders have signed a Code of Lending Practice that aims to “standardise transparency and disclosure” around the loans they offer small businesses.
Lending startup Moula, which provides small businesses with up to $250,000 in loans based on their data, has today announced the addition of Chris Ridd, former managing director of Xero, to its board as it gears up for growth.
Melbourne FinTech startup MoneyPlace has launched after becoming just the second peer-to-peer money lender to attain a full licence from ASIC. The startup, founded by former NAB executive Stuart Stoyan last year, will provide unsecured consumer loans from $5000 to $35,000, with rates starting at 8.9 percent. The rates are determined through risk-based pricing, with loans offered by wholesale and retail investors.
Melbourne-based startup Moula, which provides short-term capital of up to $100,000 to startups and small businesses, has today announced the closing of a $30 million investment round led by Liberty Financial, which has taken a stake in the company as a major investment partner, as well as NCN Investments and a group of private investors.
Today, Moula has announced that it has increased its loan amount from $20,000 to $50,000, and is currently lending over $100,000 per week to Australian small businesses. It has also announced the integration of further data sources as it continues its growth into offline lending.
Melbourne-based entrepreneurs Aris Allegos and Andrew Watt are the brains behind an infant startup Moula, which functions as an online funding platform for small businesses to access critical short-term capital.