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OnDeck Australia announced today that it has been named the best FinTech-Bank Collaboration of the Year, with Commonwealth Bank of Australia, at the inaugural Australian FinTech Awards.
OnDeck and Commonwealth Bank were praised for their collaboration which aims to help the bank’s small business (SMB) customers obtain access to finance.
Launched as a pilot program in December 2015, the collaboration currently services Commonwealth Bank’s retail bank SMB customers.
For small to medium businesses in particular, Australia’s burgeoning community of fintech providers are offering alternative approaches to financial growth, robo-advice and risk assessment.
Cameron Poolman, CEO of OnDeck Australia, said he was honoured by the recognition. “This award acknowledges the great work of the teams at Commonwealth Bank and OnDeck. Our collaboration is successful because we are pursuing the same objective, helping Australian small businesses grow through increased access to funding.”
A key goal of the collaboration is to offer Commonwealth Bank and OnDeck SME customers a wider range of options when it comes to funding.
Commonwealth Bank’s traditional small business loans are longer-term, secured and linked to the owner’s personal credit score. However through the OnDeck partnership, the bank is now able to offer short-term, unsecured small business loans based on a range of credit information.
OnDeck’s Australian growth strategy
OnDeck Australia is a technology-enabled small business lender 100% focused on giving small businesses on-demand access to working capital. Our vision is to power the growth of small business through credit and technology innovation.
OnDeck entered the Australian market in 2015 with two market leaders as distribution partners: MYOB, a leading online accounting software provider and Commonwealth Bank of Australia, Australia’s largest bank and a known early adopter of technology innovation.
OnDeck offers short to medium term loans from 6 – 24 months, for amounts between AUD $10,000 – $150,000, with daily and weekly repayment options.
Image credit (sourced): Louie Douvis