Partnership expands SME lending options for aggregator's 4,000-strong broker network
Mortgage aggregator network Finsure has added Banjo Loans to its lending panel, aiming to strengthen its offering in the small- and medium-enterprise (SME) finance space.
The move will give Finsure’s broker network access to Banjo’s range of business loans, which span from $20,000 to $5 million. In turn, Banjo will gain exposure to Finsure’s network of more than 4,000 finance brokers across Australia.
Founded in 2015, Banjo is an online lender that has funded nearly $1 billion to over 3,500 businesses across Australia. Its typical customer is a business established for seven to eight years, with annual revenue between $5 million and $15 million. According to the lender, more than half of its repeat borrowers have recorded average revenue growth of 25%.
Banjo Loans head of sales Nick Rogers (pictured left) said the partnership reflects a shared focus between the two firms. “It’s been something we’ve been fostering for some time and with the market demands and changing economic climate, it’s a great time and opportunity for both Finsure and Banjo to lean on each other’s expertise and networks,” Rogers said.
“Our largest markets have traditionally been in Victoria and New South Wales, so through this partnership with Finsure, we’re excited to expand our reach and build relationships with brokers across the country.”
Finsure’s head of commercial Jas Fazlic (pictured right) said the agreement aligns with the aggregator’s growing focus on commercial finance. “When discussing a partnership with Banjo Loans, it became clear very quickly that their competitive offering perfectly complements our current cash-flow solutions.”
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