Trade Ledger, an international digital lending platform, has teamed up with ScotPac, Australia and New Zealand’s biggest non-bank SME lender, in order to develop an origination and underwriting experience for business funding.
As explained in the announcement, ScotPac is using Trade Ledger’s data-driven lending platform to “unlock all types of working capital and business lending products for SMEs who cannot always easily access finance.”
The Trade Ledger platform was piloted on ScotPac’s asset finance offering and has been “a hit with business owners and brokers, achieving a 90% reduction in application turnaround time and a 300% growth in new business volume in the past 12 months,” the update revealed.
“Our technology and business data insight, paired with business finance experts like ScotPac, is accelerating and transforming business finance – focusing in particular on the SME and mid-market lending experience, unlocking economic growth with better lending products,” according to Martin McCann, Co-founder and CEO of Trade Ledger.
Martin added that their platform puts the customer experience at the “heart of the process” and expands credit distribution “without increasing risk, unlocking a £1.2 trillion un-served segment of the £7 trillion global SME credit market.” The ScotPac partnership “demonstrates how effectively our platform can help a lender grow their business,” Martin noted.
He also mentioned that Trade Ledger’s platform “goes beyond Open Banking.” Their ability “to match a lender’s customers with the right services and bring new propositions to market quickly is key to our relationship with ScotPac and transforms how business finance can be accessed,” Martin added.
ScotPac CEO Jon Sutton remarked:
“ScotPac and Trade Ledger have created a fully digital experience that is simple for the end user, whether they are a small businesses or large corporation. The goal is to transform business funding so it’s easily accessible for SMEs.”
He further noted that SMEs are able to quickly gain access to several different products (such aas debtor finance, asset finance and trade finance), in order to “solve their most bespoke or complex funding problems.” The value of speed and consistency is “massive for business owners, and for our broker and accountant partners,” according to Sutton.
Sutton also mentioned that the Trade Ledger partnership will “completely digitize the front door to every channel and product for ScotPac, with supercharged and secure digital processes that don’t hold business owners back when they are looking for funding.”