Marking a decade of support for SMEs

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Celebrating its 10th year of support for Australian businesses, Moula is looking to strengthen its position as a fast, efficient tech-based lender and boost its broker partnerships, under new CEO Gavin Slater

FOR THE PAST 10 years, fintech non-bank lender Moula has been helping small to medium-sized businesses gain fast, flexible access to the finance they need to succeed and grow. Moula was founded in 2013 with the express purpose of backing good businesses, recognising that many SMEs in Australia were not well supported by the mainstream banks. In 2011, the CPA Australia Asia-Pacific Small Business Survey found that about a third of businesses seeking finance reported difficulty in accessing additional funding. Having difficulty finding a financier willing to provide funding to the business’s industry was reported as the main reason.

Since 2013, Moula has been creating the future of business finance. In the past, getting a business loan meant going through weeks of paperwork, hassle and hurdles. With our intelligent decisioning engine you can get your clients funded in record time. We are passionate about using technology to simplify small business finance – and about backing good businesses. Moula is a better way to help your clients grow their businesses.

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The Moula funding proposition

“I am thrilled to embark on this new chapter at Moula. I’m particularly looking forward to further scaling the company and for us to be known as a lender of choice”

Gavin Slater, Moula

January, says this presented an opportunity for innovation in designing a business model to better meet the working capital needs of businesses. “Our focus on speed and simplicity has enabled us to thrive and grow as a fintech,” Slater says. “We are immensely proud to have reached the 10-year milestone as we continue to serve a broad segment of the market and empower SMEs to seize growth opportunities, expand operations and navigate challenging economic landscapes.” It’s clear how important the SME sector is to the Australian economy and that Moula plays an important role in filling that gap and assisting brokers and their SME clients. Australian Bureau of Statistics figures for June 2022 show that small businesses, defined as having less than 20 employees, make up 97.5% of the nation’s total businesses. Add in medium-sized businesses (20–199 employees) and that percentage jumps to 99.8%.

Slater’s resume makes for impressive reading. His experience encompasses 30 years of working in financial services. He has worked in four countries in the private, public and government sectors, in senior roles at major banks and non-bank lenders. “I have a long-held passion for innovation and the role that people, and technology, can play in helping enable different business models and value propositions,” Slater says. “This is my third CEO role, and I am thrilled to embark on this new chapter at Moula, acknowledging the remarkable history, wealth of expertise and strong track record. I’m particularly

Moula is proud of its digital approach to ensuring speedy loan processing and decisioning. Borrowers can apply for a Moula business loan in just seven minutes and get a credit decision within 24 hours. Loan amounts range from $5,000 to $250,000 for 12- to 24-month loan terms, with no asset security required and no penalty for early repayment. At the heart of the underwriting process is HECTOR, Moula’s intelligent decisioning engine, “which we built and is unique to us”, Slater says. “HECTOR leverages cloud accounting and banking data, and machine learning, to expedite decision-making, providing faster outcomes for brokers and their clients. “With an impressive ability to perform statistical analysis and work with multiple data modelling techniques, HECTOR continuously evaluates new data sources, internal and external, to further enhance our application process.”

“We understand the importance of our relationships with aggregators and brokers, and we rely on each other for mutual success,” Slater says. Moula’s experienced national BDM team actively engage in the marketplace, attending industry events and hosting broker gatherings. To support brokers’ success, the fintech lender provides educational materials and tools, including weekly updates with ‘Good Business Deal’ emails, offering insights into recent funding decisions. Slater says that as an active member of lending panels for a leading group of aggregators, Moula continues to expand its presence in the third party channel. “Additionally, our long-standing memberships of FBAA, CAFBA and MFAA highlight our dedication to industry advocacy and regulation. These partnerships and affiliations are crucial to our growth and success, enabling us to provide the right financial solutions and services to a diverse range of customers.”

The opportunities for non-bank lenders continue to grow, says Slater. The MFAA Industry Intelligence Service 15th Edition report, covering the six months from 1 April to 30 September 2022, showed the value of broker-originated business in the non-bank lending segment was the highest on record at $5.68 billion in the June 2022 quarter. “Small and medium-sized businesses will always have a need for access to working capital,” Slater says. “Proactive brokers are taking advantage of this opportunity and helping facilitate

easy access to a wide range of lending solutions. Through the advancements of our decisioning engine, we can support brokers with fast turnaround times and a greater level of certainty on the types of deals we are likely to approve.” Slater says the SME lending market is maturing, with some players having exited recently. “Our 10 years of experience and expertise has proven that we are in this business for the long term. Our commitment to backing good businesses endures.” Enjoying a decade of success, Slater says Moula is looking forward to an exciting future. As a fintech leader, the company remains committed to pushing the boundaries of technology, providing even faster and more seamless financial solutions for SMEs. “Fostering a culture of collaboration, diversity and innovation, we continue to invest in our people, ensuring that the company attracts and retains exceptional talent. As a result, our dedicated team will play a crucial role in shaping the company’s trajectory for the next 10 years and beyond.” Slater says Moula remains dedicated to enhancing customer service, optimising the broker experience, improving productivity and driving innovation across all focus areas. “By leveraging cutting-edge technologies, we aim to solidify our position as a trusted financial partner for brokers and businesses in Australia, propelling the company to new heights in the years to come.”

Business agent talking to coffeeshop owner. SME support.

New leadership at Moula

Non-bank lenders on the rise

Published 28 Aug 2023

No security assets required

Access from $5,000 to $250,000

12- to 24-month loan terms

No hidden fees

Key purposes of business loans

Access working capital to keep your business running smoothly

Help with cash flow

Scale your business with new tools, inventory or equipment

Purchase inventory

Cover operating costs, including staff, utilities and other bills

Pay for overheads

Refinance business debt into manageable repayments

Repay debt

“Through the advancements of our decisioning engine, we can support brokers with fast turnaround times and a greater level of certainty on the types of deals we are likely to approve”

Gavin Slater, Moula

looking forward to further scaling the company and for us to be known as a lender of choice.” Slater says Moula’s goals continue to be focused on delivering a consistent customer and broker experience that is fast, simple and transparent. “We remain equally focused on being a responsible lender as we look to support small businesses in accessing the working capital they need to be successful.”

Using technology to streamline SME lending

The engine learns from all Moula customers, both approved and declined, allowing it to assess risk more accurately and improve experiences for brokers and clients. This not only streamlines operations but also empowers the underwriting team to focus on more complex deals.

Strengthening broker partnerships

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Average time to complete a loan application

10 minutes

Time to approval

24 hours or less

Fees/penalties for early repayment

None

Average time to credit decision with HECTOR

2 hours

(1.5 hours for applications under $100,000)

Moula’s new CEO, Gavin Slater, who took up the position in

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