Moula raises A$30 million of debt and equity

Online small business lender Moula Money has raised A$30 million, part of which it will use to extend its distribution and increase its maximum loan size.

The fund raising was made up of debt and equity and was led by Liberty Financial. Other investors included NCN Investments and a group of private investors.

Moula, which has been lending since early last year, provides unsecured business loans. It will increase the maximum loan size from $50,000 to $100,000.

Moula's online platform relies on cashflow data and other transaction history from eBay and other e-commerce sites to complete credit assessments using an automated system. It also uses the financial data aggregator Yodlee to source bank account data from loan applicants.

The company's business model relies on a fast turnaround of loan applications.

Liberty's general manager of marketing and communications, Heidi Armstrong, said Moula was well positioned to develop its platform and grow the business.