ThinCats announced the launch of joint ventures in Australia and Poland earlier this year to give businesses and investors in these countries access to online peer to peer lending for the first time.
ThinCats Australia opened its doors today to the 2.1m SMEs in Australia.
To date ThinCats UK has lent over £80m to SMEs using its nationwide network of local and expert sponsors to support businesses through their funding applications before they are presented to investors.
ThinCats UK supplies the software, training and support to operate the Australian platform on which the loans are auctioned. Emulating the UK business, the new initiatives will seek to be cash positive (and therefore stable) as quickly as possible, and will be seeking what the firm describes as a “modest amount” of seed equity capital from local investors.
Kevin Caley, managing director and founder, said: “Peer to peer lending is fast becoming a well-established SME lending vehicle in a stifled traditional lending environment. Australian SMEs have faced similar challenges, so we are thrilled that ThinCats Australia is now ready to offer investors a fair return and businesses an alternative to mainstream lenders.
“We started ThinCats to get a fairer deal, for both investors who have been downtrodden by low interest rates and SMEs who have been shunned by the traditional lenders. Our focus is on growth for investors and growth for established UK and now Australian SMEs but most importantly a fair deal for both.”
Scott Strain, director of trade for UK Trade & Investment Australia and New Zealand, added: “We are very pleased to be assisting one of the UK’s leading peer-to-business lending companies, ThinCats, in bringing its platform to Australia.
“Investment in fintech is growing faster in the UK and Ireland than anywhere else in the world, and Australia’s emerging fintech scene can greatly benefit from British expertise.”