Yellow Brick Road executive chairman Mark Bouris has welcomed a new addition to the company’s lender panel.
Prospa has joined the lender panel of Yellow Brick Road (YBR) to help “diversify” its offering for small business customers.
“A large number of our clients are small business owners,” Mr Bouris said.
“We understand that the financial needs of a small business are unique, and it makes sense to offer new ways to fund their growth.”
He added that funding for small businesses is “an issue that comes up time and time again” due to a lack of bank appetite for the business, and the fact that many business owners are not able or willing to secure their loans against their homes.
“That’s just not viable for many business owners, so Prospa is another option for them to consider,” the chairman added.
Mr Bouris was recently appointed by the federal government to lead the Small Business Digital Taskforce. He believes that YBR’s partnership with Prospa will help cement the wealth management business’s commitment to improve efficiencies in the lending process with the use of technology.
“Adopting digital technology to get faster, easier access to finance, without the need to provide physical documents, makes sense for small business,” the chairman said.
“Partnering with Prospa allows us to offer a smart, digital solution so small business owners can stay focused on what matters: running their business.”
Joint CEO of Prospa Beau Bertoli said that the new partnership would be mutually beneficial and would cater to the finance needs of small business.
“At Prospa, we always work with partners who share our values of putting customers first,” Mr Bertoli said. “Since 2007, Yellow Brick Road has clearly placed its customers at the centre of its business, by providing easier access to a range of financial services.
“Through this partnership, we’re not only giving Yellow Brick Road’s wealth managers access to small business loans, but the ability to meet the unique cash flow and finance needs of this customer base.”
Mr Bertoli added that the leading fintech would “continue to invest in [its] partnerships and find smarter ways to improve the way people experience finance.”
Prospa has delivered more than $500 million in small business loans over the past five years.
[Related: Aussie lenders make Fintech 100 list]