Home - News Room - Press Releases - Symple Upsizes Its Warehouse Facility To Boost Lending Growth

May 25, 2020 – Symple Loans, the Melbourne-based personal lending fintech, today announced the increase of its securitised warehouse capacity – preparing the business to accelerate its profitable growth strategy as market conditions stabilise.

The facility, initially established in September 2019, now includes a mezzanine capital tranche from Costa Asset Management. Gareth Thomas, Symple’s Chief Investment Officer said, “We’ve taken steps to position the company for the future and are pleased to be welcoming Costa Group as the newest investors in our warehouse structure.”

Symple officially opened its loan book in January 2019 to address what it saw as unnecessarily high interest rates being paid by credit-worthy Australian consumers. The company’s commitment to providing a better, faster, easier and more affordable personal loan product has resonated strongly among financially disciplined customers that value a simplified borrowing experience and who are rewarded with interest rates well below what others in the market are offering.

Symple uses a proprietary risk scoring strategy that includes supplemental data sources often excluded or overlooked in traditional credit risk models. The company is able to create a more complete picture of a borrower’s financial and employment situation and in doing so, more accurately assess the applicant’s creditworthiness and corresponding interest rate offer. Thomas added, “Our focus on premium customer segments has appealed to our debt and equity investors alike as it helps deliver stable and predictable returns on a through the cycle basis.”

Liza Whitmore, CEO of Costa Asset Management said, “We understand Symple’s business model well and are aligned with the management team’s strategy. There was a clear opportunity to support the company’s future growth agenda through mezzanine financing while also earning appropriate risk adjusted returns on our investment.”

Today’s announcement is the latest in a series of equity and debt financing transactions completed by the company in the past 9 months including an $11m Series C equity round in December 2019. To date, the company has raise in excess of $100 million.

Bob Belan, Symple’s Co-Founder & Chief Executive Officer said, “Symple is well capitalised and here to play our role in helping customers through this unprecedented period and beyond. Our balance sheet is strong which when combined with our expanded warehouse capacity, positions us to confidently grow the business as the economy recovers – supporting our mission of lowering the cost of borrowing for many more Australian consumers in the months and years ahead.”