Orbyt Corporation, a fintech startup with an SME focus, is in APRA’s queue with an application for a banking licence.
Seasoned executive Angus McBean is the driving force behind Orbyt and he aims to enter the banking sector, under a restricted ADI licence, some time in the third quarter of 2021.
McBean, CEO and executive director, brings more than 30 years’ experience. He was CFO at G&C Mutual Bank, then joined neobank Volt Bank as CFO.
McBean told Banking Day yesterday that the company had raised around A$7.2 million in capital from sophisticated investors, and has a two-part A-series capital raising in train.
A few months ago, Orbyt set up a broad business advisory website ‘The SME Circle’ to generate leads. The company plans to launch the Orbyt brand early next year.
“We are building a technology and data-driven platform that provides SMEs with access to finance, smart money management tools and an online community where they can connect, engage and extract value,” is one extract from marketing material shared with Banking Day.
“Our job is to help SME owners navigate the financial and non-financial challenges around starting, running and growing a business, and open doors for them they never knew existed,” Orbyt say.
McBean said they planned to launch “an unsecured lending product … and we aim to have a deposit product in the market by the same time”.
After a Covid-induced pause, APRA has rebooted assessment of applications for banking licences, possibly many of them.
“We have had strong communication from APRA. We understand the path ahead,” McBean said.
“Our focus over time is in various verticals in the early years,” he said, though which industries is subject to “ongoing research”.
Louisa Grundy, formerly with KPMG, is head of customer, brand and marketing.
Robert Allen and Astrid Raetze, recently from PwC and KPMG respectively, have recently been appointed as independent directors of Orbyt.