Moula, an Australian non-bank business lender, has secured $20 million Series D private funding to continue fuelling expansion. The round was led by Escala Partners with ongoing support from existing shareholders Liberty Financial and Acorn Capital.
Moula has experienced strong growth over the past five years, processing over 20,000 business loan applications and growing its loan book by 124 per cent in 2019.
Moula Co-founder and CEO Aris Allegos said the equity injection will fund Moula’s next phase of growth, enabling it to scale up its business lending capability and provide further investment into talent, technology and product.
“Now that we’ve reached an important milestone in breaking even, the focus will be on continuing Moula’s growth by investing in our people and evolving our application of machine learning and AI to our business lending products, including Moula Pay,” Allegos said.
“Profitability for any new business is important for us. Moula has proven its ability to acquire good quality business customers in a cost-effective manner, while utilising its proprietary technology to assess risk,” said Pep Perry, CEO of Escala Partners.
“Moreover, it has established itself as one of the most innovative lending platforms in Australia addressing finance needs for a significant proportion of Australian SMEs.”
James Boyle CEO of Liberty Financial said, “Moula is now an established lender with strong fundamentals and a leadership team that have moved beyond the breakeven stage. We’re pleased to have been with them on the journey and excited about their continued growth.”
“From the outset Moula has developed its technology and data driven credit decisioning capability to patiently and methodically build a sustainable and scalable financing platform for small and emerging businesses,” said Robert Routley CEO of Acorn Capital.
“Acorn Capital believes that Moula is playing an important role in efficient provisioning of credit to small high growth companies that make out sized contributions to employment, productivity and innovation outcomes in the Australian economy.”