From left: Symple Loans co-founders, Bob Belan (CEO) and Paul Byrne (COO)
Symple Loans, Australia’s newest marketplace lending company, has opened its loan book to consumers promising a better and faster borrowing experience along with lower interest rate personal loans.
Symple Loans has raised capital from a consortium of private Australian and international investors approaching $10 million and is in active negotiations to raise an additional $50 million in the coming months to keep pace with borrower demand.
Bob Belan, Symple Loans CEO & Co-Founder said, “Similar in parts to the Goldman Sachs ‘Marcus’ business in the US and UK, we’ve set out to address unnecessarily high unsecured loan interest rates, while also creating a new fixed income asset class for high net worth investors and family offices seeking strong and stable returns by funding loans sold through our online platform.”
Symple’s low-cost business model uses state-of-the art digital lending technologies and sophisticated algorithms to access loans quickly, efficiently and responsibly. Interest rates start at just 5.99% p.a. for the lowest risk customers and only the most credit-worthy customers are approved.
“Symple is intentionally targeting customers with the best credit scores and offering them rates materially lower than what they’re able to get elsewhere. These customers offer greater predictability on loan repayments, tend to default less and are also much more resilient during times of economic uncertainty,” said Belan.
Funding loans through Symple’s platform is proving to be a compelling option for smart, savvy and sophisticated investors.
Belan continued, “Symple is filling a void in the market for investors seeking more optimal risk adjust returns in a low-yield and volatile investment environment, which is expected to persist for some time.
“Over the past 25 years, there’s been tremendous personal wealth created from traditional asset class investments in Australia. But we are now seeing the beginning of unpredictable market swings and much lower returns by historical standards. Investing in asset classes such as ours is becoming an important part of the investment diversification strategies being adopted both locally and globally.”
Australians hold around $60 billion in high interest rate personal loan and credit card debt, with the major banks servicing three-in-four consumer loans*.
“There is clearly a role for marketplace lending in Australia and a role for Symple to play in transforming personal lending for the financial betterment of Australian borrowers and investors alike,” said Belan.