NAB arranges Symple funding
Melbourne-based lender Symple Loans is the first fintech to secure backing under National Australia Bank's A$2 billion program to provide funding to tech-enabled startup businesses.Symple announced yesterday that it had negotiated a deal that will see NAB fund a $57 million warehouse facility to support its Australian lending operation.Symple Loans, which has its head office in the Melbourne suburb of Hawthorn, is a digital provider of personal loans.It is currently marketing personal loans at a 40 per cent discount to the minimum rates offered by NAB.According to disclosures on the Symple Loans website, borrowers can secure personal loans at 5.99 per cent compared to NAB's best offer of 10.69 per cent.Symple was founded in 2018 by former ANZ banker Bob Belan with investment backing from Australian, US and Singaporean investors.Belan is the largest shareholder in the business along with company co-founder, Paul Byrne.The third largest shareholder is Melbourne businessman Howard Armitage who holds a 20 per cent stake in the company.US investors include New York-based businessmen Greg Messerle and David Gold.Belan said the NAB deal would help the company to boost its loan activity."Our new securitised warehouse program supports our growth today and positions the company to access additional capital when needed," he said.NAB's head of emerging technology clients Steve Smith said Symple had a compelling business model."We see this as the start of a long term relationship," he said.