Melbourne, Australia, March 31, 2021 / PRNewswire / – Micro and Small Businesses on Track to Recover from COVID-19 May Find Fast Financing, Similar to Buy-It-Now, Pay-On-Pay Solution, Thanks to Banjo Supply, a New Digital Lending Platform Launched today by InfraRisk Pty Ltd (InfraRisk), a leading provider of digital lending solutions and Banjo Loans Pty Ltd (Banjo), a leading fintech lender to SMEs.
Banjo Supply, which can be funded in minutes and starts at AU $ 5,000, is a loan product designed for businesses that need short-term capital to pay suppliers now, consolidate payments to multiple creditors, or potentially negotiate discounts to suppliers.
Using Infrarisk’s modular SME digital lending platform, powered by big data analytics and AI technologies, Banjo can streamline and automate the end-to-end small business lending process, previously complex. The loan product leverages alternative data sources for decision making.
Nicolas davies, CEO of InfraRisk, said: “Our approach to bringing this industry to market is to target a selection of proven, data-rich, alternative verticals. It will initially focus on the hospitality and retail sector, which has also been hit hard by the COVID-19 outbreak and in desperate need of working capital. We want to deliver a bespoke loan product directly into their daily workflow and financial ecosystem. “
The platform is already integrated with a number of data partners, including ZiiCloud, a point-of-sale specialist for hospitality and retail, which leverages point-of-sale data, transaction data and data. regulatory reporting data, with customer consent. InfraRisk and Banjo plan to significantly expand data coverage in the coming months.
The loan product applies global best practices in automation, alternative data use and AI-powered risk models to meet the immediate needs of borrowers. It uses daily financial data and then analyzes the information with algorithms. Its structure allows for permanent innovation and an ever-improving customer experience.
Demonstrating its speed and simplicity for the borrower, the new digital application form fits on one page, takes less than 5 minutes to complete, and achieves near real-time financing through the fast payment network.
Guy Callaghan, CEO of Banjo, said: “Having worked closely with large Australian SMEs for the past 6 years, we are delighted to enter the micro and small business sector. Banjo Supply is uniquely designed to play a role in helping micro and small businesses get back on their feet and strengthen the recovery of the Australian economy. “
So far, Banjo has focused on companies with revenues between A $ 500,000 and 50 million. By combining previously inaccessible data with big data analytics and automation, Banjo will now extend quick unsecured loan amounts to small businesses in need of working capital, from UA$ 5,000. Banjo combines cutting-edge technology, data and fundamental credit analysis to deliver responsible risk-based results that meet strict regulatory guidelines, and uses dynamic risk tools to enable competitive pricing.
Small businesses have been one of the main engines of Australian economic development. Official data released by the Australian government shows that the country’s SMEs create 44% of jobs and contribute 35% of its national GDP. A study by East & Partners found that the unmet demand for credit from Australian SMEs had reached UA$ 118.4 billion (we$ 91.5 billion) by the end of 2019.
Incorporated in November 2008 and headquartered at Melbourne, InfraRisk has over 10 years of experience in providing end-to-end FinTech and fintech solutions to banks and financial institutions in Australia, Europe, China and through the Asia Pacific.
Banjo Loans has been helping propel small businesses across the country since 2015. Now one of the leading alternative lenders for fintech SMEs in Australia, Banjo’s portfolio encompasses a wide range of businesses and industries. Banjo’s rapid data analysis technology data and fundamental credit analysis deliver responsible, risk-based results. This, coupled with a personalized relationship approach, rare in a fintech, gives Banjo customers the best of both worlds.