Pin Payments and Moula partner to provide faster lending to Australian small businesses

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Pin Payments, Australia’s first all-in-one multi-currency payment system has partnered with Moula, an online provider of unsecured loans that empowers small businesses to share their online data and get approved for a loan in just a few simple steps. The partnership will provide Pin Payments’ customers with seamless access to Moula’s lending services.

Pin Payments allows businesses to accept payments from local and international customers with same day account set-up and activation without a merchant account. Under the partnership, Pin Payments’ customers can complete a loan application online with Moula in under 10 minutes and, if approved, receive the proceeds on the loan within 24 hours. The partnership may be further enhanced at a later stage through data analytics to prompt even faster approval.

Launched in May 2014, Moula is a technology platform that can approve loans fast by processing the applicant’s data. From sources like eBay, PayPal, and over 50 banks in Australia, Moula’s technology has the ability to analyse real-time sales data and performance history, and determine whether the applicant can repay the loan. Since the startup is powered by technology, there is no need for applicants to provide any paperwork or waiting for long periods of time for an outcome that could still be ‘no’. Unlike a traditional bank, small businesses can apply for a loan in minutes and receive funding the same day.

The fintech startup was founded by Aris Allegos and Andrew Watt who have combined experience in investment banking, risk management and credit modelling and felt that a platform like Moula would bridge the funding gap for Australian SMEs. The co-founders of Moula continually stress the importance of transparency, saying that there are no hidden fees or penalties for early repayment, which is prevalent in traditional loan systems. With Moula, only an interest rate applied against the borrower’s outstanding balance and the interest amount can be calculated on the ‘Pricing’ section of the site prior to applying for a loan.

As a leading Australian payment processor with over 5,000 small business customers across Australia, this referral partnership is another example of how Pin Payments is partnering with innovative service providers to offer Australian merchants a broader range of services to support and grow their businesses.

“We’re excited to partner with Moula,” said Chris Dahl, Director of Sales & Growth at Pin Payments. “We’re passionate about helping our customers succeed and we know that access to funding can be crucial in helping their businesses grow. Moula simplifies the loan application process, making receiving a loan more accessible for small businesses.”

Aris Allegos, CEO at Moula said, “It’s great to be working with another Australian founded business focused on creating efficiencies for our SMEs. Moula’s small business customers are varied in terms of size and industry. Our work with Pin Payments is an example of how we are supporting those in the e-commerce space looking to have an international presence.”

Allison ‎LeBusque, Partner at TrustOne Partners, formerly Harris Business Solutions, has already benefited from the partnership between Moula and Pin Payments to improve cash flow at her Melbourne-based accounting firm.

“As a growing business, access to capital is critical,” said Allison. “Pin Payments’ partnership with Moula offers us a convenient, alternative source of finance for our business with a seamless application process and approval within 24 hours. We are excited to see Australian companies come together to better support the needs of small businesses outside the traditional services offered by banks.”

As a SME ourselves and also providing advice to SME’s we love it when we happen across facilities that can assist any business perform better,” said LeBusque.

“In recent experiences when dealing with our traditional banks we have found it to be a time consuming process providing them with unnecessary paperwork and endless emails/phonecalls which has either taken as past time deadlines or worse case rejection due to not meeting there tightened approval process. This all seems to be avoided with Moula.”

“Also the traditional system of having merchant facilities to collect payments electronically can be a costly experience for some small businesses, with the flexibility of pin payments and only being charged per usage is a great alternative.”