Micro and small businesses on the path to recovery after COVID-19 will be able 
to source quick funding, similar to a buy now pay later solution, thanks to 
Banjo Supply, a new digital loan platform launched today by InfraRisk Pty Ltd 
(InfraRisk), a leading provider of digital lending solutions and Banjo Loans 
Pty Ltd (Banjo), a leading fintech lender to SMEs.

Banjo Supply, which can be funded in minutes and starts from AU$5000, is a loan 
product designed for businesses that need short-term capital to pay suppliers 
now, batch up payments to multiple creditors or potentially negotiate supplier 
discounts.  

Using Infrarisk's modularised SME digital lending platform powered by big data 
analytics and AI technologies, Banjo can streamline and automate the previously 
complex small business lending process from end to end. The loan product 
leverages alternative data sources for decision making.  

Nicholas Davies, chief executive officer of InfraRisk, said: "Our go-to-market 
approach to this business sector is to target select proven industry verticals 
that are rich in alternative data. It will initially focus on the hospitality 
and retail sector, which has also been hit hard by the outbreak of COVID-19 and 
in desperate need of working capital. We want to provide a tailored lending 
product directly into their daily workflow and financial ecosystem."

The platform is already integrated with a number of data partners, including 
ZiiCloud, a hospitality and retail POS specialist, tapping into Point-of-Sale 
data, transaction data and regulatory reporting data, with customer consent. 
InfraRisk and Banjo expect to expand the data coverage reach extensively over 
the coming months.

The loan product applies world's best practice in automation, use of 
alternative data and AI driven risk models, to match borrowers' immediate 
needs. It uses daily financial data, then analyses the information with 
algorithms. Its structure allows ongoing innovation and continually improved 
customer experience. 

Demonstrating its speed and simplicity for the borrower, the new digital 
application form fits on a single page, takes less than 5 minutes to complete 
and achieves funding in near real-time via the fast payment network.

Guy Callaghan, chief executive officer of Banjo, said: "Having worked closely 
with larger Australian SMEs over the past 6 years, we're excited to enter into 
the micro and small business sector. Banjo Supply is specially designed to play 
a role in helping micro and small businesses get back on their feet and bolster 
the recovery of the Australian economy."

Banjo has until now focused on companies with turnover of AU$500k – AU$50m. By 
combining previously inaccessible data with big data analytics and automation, 
Banjo will now extend fast unsecured loan amounts to small businesses in need 
of working capital, starting from AU$5,000. Banjo combines leading-edge 
technology, data and fundamental credit analysis to deliver responsible 
risk-based outcomes that meet strict regulatory guidelines, and uses dynamic 
risk tools to enable competitive pricing. 

Small businesses have been one of the main driving forces of Australian 
economic development. Official data released by the Australian government shows 
the country's SMEs create 44% of jobs and contribute to 35% of its domestic 
GDP. Research by East & Partners found out that the unmet credit demand among 
Australian SMEs had reached AU$118.4 billion (US$91.5 billion) by the end of 
2019. 

About InfraRisk

Incorporated in November 2008 and headquartered in Melbourne, InfraRisk has 
over 10 years of experience in providing financial technologies and end-to-end 
fintech solutions to banks and financial institutions in Australia, Europe, 
China and across the Asia Pacific. 

About Banjo

Banjo Loans has been helping to power small business across the nation since 
2015.  Now one of the leading SME fintech alternative lenders in Australia, 
Banjo's portfolio encompasses a wide range of businesses and industries. 
Banjo's rapid data analysis technology data and fundamental credit analysis 
deliver responsible risk-based outcomes.  This, together with a personalised 
relationship approach that's rare in a fintech, gives Banjo's clients the best 
of both worlds.

Source: InfraRisk