OnDeck Australia has become the latest non-bank lender to join the aggregator’s panel, enabling broker members to write the fintech’s small-business loans.
FAST has welcomed online SME lender OnDeck Australia to its lender panel, enabling its 1,300 broker members to offer clients OnDeck’s short-term business and unsecured term loans, as well as its new plant and equipment finance products.
FAST CEO Brendan Wright commented: “OnDeck is a valuable addition to our panel, providing diverse solutions for FAST brokers and their business clients.”
Noting that FAST brokers currently deliver in excess of $7 billion in business lending to their clients a year, he added: “SME and business finance has always been a core part of our value proposition, and with 2.1 million SMEs operating in Australia, FAST brokers continue to support this growing segment, helping businesses get access to the funding they need.”
The CEO of OnDeck Australia, Cameron Poolman, added: “We are delighted to join the panel of FAST, which will expand our brand presence across Australia and deliver increased options for SMEs seeking funds to grow their business.”
“It broadens the distribution channel for our SME funding and plant and equipment finance products and lets us continue our mission of helping Australian SMEs reach their full potential.”
Mr Poolman added that OnDeck research had shown that one in four SMEs plans to seek additional business finance in the future, with significantly higher intention amongst larger SMEs.
“Yet it can be challenging for SMEs to secure bank finance,” he said.
“There is definitely growing interest in alternative lenders amongst SMEs, with one in five likely to consider an online lender. This provides outstanding opportunities for brokers to build on their revenue base,” Mr Poolman added.