Making Business Lending Human & Personalised

In the challenging landscape of business lending, where each business big or small seeks not just financial backing but a partner who understands their unique journey, the spotlight shines brightly on those who stand out. As the dates approach for The Finnies 2024, where excellence is not just acknowledged but celebrated, Pennant Technologies proudly steps forward as the sponsor for this year's Excellence in Business Lending award.

Pennant’s platform-centric approach mirrors the vision of the finalists, prioritising customer lifecycle needs and enhancing efficiency. We align with their focus on innovation, adaptation, and execution, swiftly launching personalised loan offers. 

As the countdown to The Finnies 2024 draws closer, let's highlight some of the finalists mentioned below in business lending, whose dedication to “Put Business Value First”, inspires us and whose vision guides us towards a brighter, more inclusive future for all. 

Alex Simmons, Co-Founder & CEO, Kashcade

Despite significant advancements in business lending in Australia over the past 5-10 years, many business owners still struggle with the financial literacy assumed by lenders. 

Recognizing this gap, Kashcade emerged with a mission to focus on providing non-dilutive capital raising solutions tailored specifically for R&D and startup companies rooted in innovation. Unlike traditional venture capital firms, we understand that one size does not fit all. Each company has unique characteristics that require tailored funding solutions. To achieve this, Kashcade employs sophisticated software designed to analyse factors like cash flow patterns, industry behavior, and investor profiles to deliver customised solutions. 

We also maintain transparency and honesty in our interactions with clients, declining funding opportunities when their solutions aren't a suitable fit. This selective approach ensures that funded companies are optimally positioned to benefit from Kashcade's capital solutions.

In summary, we are committed to driving innovation in business lending by offering personalised, technology-enhanced solutions and fostering a collaborative FinTech ecosystem. 

Guy Callaghan, Chief Executive Officer, Banjo

When we launched Banjo, there was no market for non-bank lending to businesses, and banks were performing poorly in this area. There was a gap left by banks, which were inadequately serving businesses. Banjo Loans has been helping to power SMEs across the nation since 2016, having lent over $350 million to thousands of businesses all over the country.

Our unique strength lies in our combination of rapid data analysis technology with a personalised relationship approach, that gives clients and partners the best of both worlds.

Looking ahead, Banjo aims to enhance our niche offerings and support business owners with tools and direct relationships with decision-makers in our approvals team.

Yanir Yakutiel, CEO, Lumi

When I arrived in Australia, I was struck by the inefficiencies in the financial services industry. Traditional banks, designed for robustness rather than efficiency, often fail to distinguish between business and owner in SMB lending, focusing primarily on asset lending and struggling with abstract assets. This gap in the market inspired me to found Lumi with a technology-first vision.

A vision to enhance operational efficiency and offer bespoke, customer-centric lending solutions that are fast, fair, and flexible. Our innovative products, like the Rate Ease™ rate-reducing loan and the zero-fee Business Line of Credit, cater to the unique needs of Australian businesses, rewarding timely repayments and providing flexibility.

Our technology-first approach streamlines the application process, allowing business owners to apply for funding online in under 15 minutes. At Lumi, we envision a future where business lending is increasingly digitised, efficient, and customer-focused, fostering sustainable growth for Australian SMBs.

Sam McEncroe, Head of cashflow solutions, Tyro

With over two decades of experience providing payment solutions to Australian merchants, Tyro understands the critical role cashflow plays in the success of small businesses, especially in dynamic sectors like hospitality and retail. Recognising the challenges faced by such time-strapped business owners, Tyro introduced the Business Loan—a simple, fast, and accessible cash flow lending product. 

What sets Tyro apart is its innovative repayment model, allowing merchants to repay loans seamlessly through their daily takings. This customer-centric approach not only simplifies loan management but also supports businesses at every stage of their growth journey.

Through the Tyro app or web portal, customers can apply and receive funds in under a minute, revolutionising the traditional loan process. Looking ahead, Tyro remains committed to empowering Australian businesses with flexible and efficient financial solutions.

Aimee​​​​ Amiga, Head of Marketing & Communications, Bizcap

Cash flow constraints hinder SME growth, and traditional banks impose high entry barriers and slow processes, while non-bank lenders face funding limitations. Founded in 2019, Bizcap addressed this gap by offering fast and flexible business loans from $5k to $5m, with approvals in as little as three hours and cash flow-friendly repayment terms.

Privately funded, we at Bizcap assess risk on our own terms, considering both qualitative and quantitative factors for a holistic view of applicants' financial situations. Unlike other lenders who use algorithms to assess creditworthiness, which renders their lending criteria rigid, we at Bizcap use proprietary technology, enabling quick decisions, accelerating the lending process, and same-day funding.

Going forward, Bizcap envisions a future with unrestricted financial access for SMEs, driving growth and innovation.