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SME lender eyes growth following $135m credit line
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SME lender eyes growth following $135m credit line

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Annie Kane 4 minute read

Capify has announced that it has secured a $135 million credit facility from Goldman Sachs to help support its growth plans, including through the broker channel.

The fintech lender, which first launched into the Australian small business lending space in 2008, has announced that it has secured a $135 million credit facility from Goldman Sachs Private Capital to “accelerate the growth of its lending business to Australia’s small and medium-sized enterprises (SMEs) through its business loan and merchant cash advance products”.  

Speaking to The Adviser, Capify CEO and founder David Goldin said the “exciting” and “landmark achievement” would enable the fintech lender to broaden its relationships in the third-party channel, as well as through its direct lines.

“This is a landmark achievement for Capify, and we are very pleased that we have secured this financing with Goldman Sachs, one of the premiere capital providers in the world,” he said.

“This new multi-year credit facility allows us to deliver on our own growth plans, whilst providing much needed access to capital for Australian SMEs to help them to grow, to boost the economy and to create jobs.”

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“The credit facility validates our company as a leader in the marketplace and underlines the strength of our business model to provide simple, affordable and smart financial options to Australian SMEs.”

Mr Goldin told The Adviser that the credit facility would help Capify broaden its current distribution channels as well as “explore new ones, whether it be brokers or vendor financing”.

The Capify CEO continued: “We’re looking to expand our broker business in 2019. We’ve just appointed a new partnerships manager in Victoria to really add to our broker team. So, that is another thing for 2019 that we’re really excited about – really building out our broker network with more BDMs, more vendor financing partners, and really expanding our in-house sales team to really work those referrals from our brokers and with our new technology. 

“We’ve made quite a bit of investment in technology as well as personnel over the last few months.” 

Mr Goldin said that brokers are an important channel for Capify because the fintech “cannot touch every SME customer in Australia on its own” and “there is a huge amount of business for [Capify] to target”. 

“For that, we need the help of brokers,” he said.

Mr Goldin concluded: “We’re very excited about the opportunity, and we’re very proud of our company. We’ll be now looking to increase our distribution channels to deploy all this capital.” 

John DeBree, Capify’s managing director for Australia, added: “The credit facility will enable us to continue on our growth trajectory while offering even more attractive and innovative solutions to thousands of small businesses in need of capital.” 

Pankaj Soni, executive director at Goldman Sachs Private Capital, also noted the new partnership, saying: “Capify is one of the leading SME finance providers in Australia.

“We have been impressed with the management team, business model and innovative finance solutions for SMEs. We look forward to supporting their growth in the years ahead.”

[Related: NAB provides $50m funding facility to SME lender]

 

SME lender eyes growth following $135m credit line
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Annie Kane

Annie Kane

Annie Kane is the editor of The Adviser, Australia’s leading source of news, opinion and strategy for mortgage brokers.

As well as writing news and features on the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker podcast and In Focus podcasts and The Adviser Live webcasts.

Before joining Momentum Media in 2016, Annie wrote for a range of business and consumer titles, including The Guardian (Australia), BBC Music Magazine, Elle (Australia), BBC Countryfile, BBC Homes & Antiques, and Resource magazine.

You can email Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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