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The non-bank lender has launched a new line of credit solution for SMEs developed partly in response to feedback from brokers.
Non-bank lender Moneytech has launched a new line of credit solution to help provide small and medium-sized enterprises (SMEs) with a “faster, more flexible” way of unlocking working capital.
Currently available to Moneytech brokers, aggregator partners, and eligible SMEs, the new Cash Advance loan is secured by invoices, according to Moneytech, offering a finance facility that can be integrated within existing accounts and systems “without any of the usual friction”.
Cash Advance can be integrated seamlessly with cloud-based accounting platforms such as Xero, according to the non-bank lender, as well as via Moneytech’s proprietary built platform, Partnr.
Businesses are able to securely connect accounting data in real time, reducing reliance on manual paperwork.
Moneytech also said the solution eliminates the need for a control account, with all payments able to flow through existing accounts.
Cash Advance also reportedly allows businesses to access up to 80 per cent of their outstanding invoices, with repayments that automatically adjust as invoices are paid.
Nick McGrath, Moneytech CEO, said the product had been developed in response to feedback from brokers and SMEs.
“Cash flow disruptions are one of the biggest threats to business continuity,” McGrath said.
“We’ve listened to the market and built something that’s refreshingly simple. Cash Advance is fast to set up, easy to manage and allows businesses to retain full control over their banking and customer relationships. It’s a modern solution for businesses that need working capital to grow, without jumping through unnecessary hoops.”
Focus on brokers
McGrath said the launch of the new product is part of a broader strategy to provide brokers with a wider range of finance solutions.
Part of this strategy is simplifying existing products and “removing common barriers to entry” to offer brokers more confidence.
“We see this as part of a longer-term shift in how invoice finance is positioned in the market,” said McGrath.
“Our goal is to make working capital solutions more accessible to a wider range of businesses, and to give brokers more confidence in offering products that are simpler to explain, faster to implement, and better aligned with their clients’ day-to-day operations.”
[Related: SME Bootcamp 2025 to be held in September]
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