Prospa, an Australian online lender for small businesses, has formed a partnership with Gandel-backed retail marketplace MyDeal, which will allow retailers on its platform to apply for loans of up to $250,000. According to Australian Financial Review, the partnership will allow Prospa to integrate directly into the MyDeal Marketplace supplier management system, allowing the lending platform to access the marketplace’s retail data as a way to help inform risk assessments.
Speaking about the partnership, Founder and CEO of MyDeal, Sean Senvirtne, revealed to the media outlet that he decided to collaborate with Prospa because companies are on a mission to help small and medium-sized enterprises (SMEs):
“There is a clear alignment. Prospa is also a fast growing tech startup and we’re aligned in helping SMEs to get what they need faster. We have a very good understanding of how these SMEs operate and we’ve identified the five key barriers to grow their businesses. Some retailers have been on the platform for five years now, so we’ve gathered all his data and we’ve been looking for way to help them grow.”
Senvirtne and his MyDeal team will be receiving a 1-2% small commission for every loan that comes through the marketplace. He noted:
“Given the history we have with these retailers, most of the loans will be approved within 24 hours. It’s difficult for them to do this through any bank. For us, when stock sells out, but the demand is still high this stunts potential growth for MyDeal and the retailer. Through removing this barrier we aim to achieve additional growth.”
Along with its partnership with Prospa, MyDeal is also signed up with Amazon Web Services in order to scale the capacity of its platform.