The Australian alternative lending space has a new player in its midst, with new offering Lumi launching following the raise of a $31.5 million Series A round.
Small business lending fintech Prospa has amended its loan terms following a review by the Australian Securities and Investments Commission (ASIC).
Part of the reason why SMB owners are choosing to forgo a business loan is the amount of documentation required, with 80 percent stating it was onerous.
A group of fintech lenders have signed a Code of Lending Practice that aims to “standardise transparency and disclosure” around the loans they offer small businesses.
Small business lending startup Prospa has delayed its ASX listing as it seeks to clarify questions raised by ASIC yesterday around its loan terms.