Personal loan financial technology company Symple Loans scored capital of $15 million from 2 institutional investors in a funding round that valued the fintech at over $100 million. The latest all-equity capital raising round was led by Costa Asset Management (by Robert Costa) and Welas Investment Fund.
The freshly raised $15 million will be used by the fintech in acquiring more customers through marketing and advertising. The funds will also be used in the development of more technology-driven banking products. The Victoria-based fintech’s total debt and equity funding is now at $130 million.
Symple Loans: An Australian personal lending funding
Founded in the year 2019 by Bob Belan (former General Manager of Consumer Finance at ANZ Bank) and Paul Bryne (Head of Personal Lending at ANZ Bank). Cremorne-based Symple Loans is a consumer-centric lending fintech that’s created for Aussies looking for faster, better, easier and more affordable personal loans. Symple’s online lending platform offers quick and efficient unsecured personal loans. Management of this fintech comprises credit risk, operational risk and technology specialists having deep subject matter experience and expertise in personal lending both, globally and in Australia.
The loans offered by Symple are at much lower rates of interest for customers, ranging between 5.75% to 25.99% per annum on loans of between $5000-$50000. As compared to Symple, Commonwealth Bank offers a less broader interest range on personal loans beginning and 11.5%. National Australian Bank’s interest rates range between 9.99% per annum to 18.99% per annum.
More on fintech Symple raising funds
Co-founder Mr Belan said that Symple wants to bring together the greatest and latest in technology internationally in order to create better lending experiences for customers. He added that, most importantly, Symple wants to offer customers that are credit-worthy with a materially lower rate of interest than what traditional lenders offer.
Mr Belan said that fintech Symple uses a unique combination of data analytics in addition to a credit score of an individual to determine the right rate to be offered to them. Director of Welas Investment Fund, Mr Tony Wales said that Symple is redefining personal lending in Australia. The fintech’s operational discipline as well as clever use of customized risk-based pricing techniques is completely redefining personal lending for Aussie borrowers and enabling them to deliver better performance to date, he added.
Earlier in February, Symple Loans partnered with AFG. Through this partnership, AFG will offer its network of over 3,000 brokers access to Symple’s personal lending offering.
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