Melbourne, March 31, 2021 – Micro and small businesses on the path to recovery after COVID-19 will be able to source quick funding, similar to a buy now pay later solution, thanks to Banjo Supply, a new digital loan 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 from AU$5000, is a loan product designed for businesses that need short-term capital to pay suppliers now, batch up payments to multiple creditors or potentially negotiate supplier discounts.
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 is already 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 expect to expand the data coverage reach extensively over the coming months.
The loan product applies world’s best practice in automation, use of alternative data and AI driven risk models, to match borrowers’ immediate needs. It uses daily financial data, then analyses the information with algorithms. Its structure allows ongoing innovation and continually improved customer experience.
Demonstrating its speed and simplicity for the borrower, the new digital application form fits on a single page, takes less than 5 minutes to complete and achieves funding in near real-time via the fast payment network.
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. Banjo combines leading-edge technology, data and fundamental credit analysis to deliver responsible risk-based outcomes that meet strict regulatory guidelines, and uses dynamic risk tools to enable competitive pricing.
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.
Incorporated in November 2008 and headquartered in Melbourne.InfraRisk has over 10 years of experience in providing financial technologies and end-to-end fintech solutions to banks and financial institutions in Australia, Europe, China and across the Asia Pacific.
Banjo Loans has been helping to power small business across the nation since 2015. Now one of the leading SME fintech alternative lenders 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 outcomes. This, together with a personalised relationship approach that’s rare in a fintech, gives Banjo’s clients the best of both worlds.