NAB announced it would finance a new $57 million securitisation warehouse trust established by Symple Loans, an innovative marketplace lender that offers Australian consumers lower interest rate personal loans via its digital lending technology platform.
Symple Loans is the first new-to-bank customer to benefit from NAB’s commitment in July to provide up to $2 billion in funding to tech-enabled start-ups, providing access to debt capital and a suite of broader banking services for high potential ventures.
NAB’s Head of Emerging Technology Clients, Steve Smith, said he was delighted to be partnering with Symple on its journey and supporting the company as it transitions from early stage to high growth.
“NAB has recognised there was a gap in the market for providing early-stage debt funding for technology companies like Symple that have strong business models, high growth potential and a real focus on delivering for their customers,” Smith said.
“We’re committed to supporting these types of ventures, both in fintech as well as across the technology sector more widely, as they establish themselves, grow and evolve into market-leading businesses over time.”
He said Symple has a compelling product and customer value proposition, and an experienced management team.
“We see this as the start of a long-term relationship, that is underpinned by the great depth of capability NAB’s Securitisation team has to offer in the fintech sector.”
Symple Loans Co-Founder and CEO, Bob Belan, said the agreement with NAB will enable the company to immediately and profitably boost its new loan origination volumes – advancing the company’s mission of lowering the cost of unsecured lending and helping to improve the financial health of Australian households.
“We’re thrilled to be partnering with NAB as we enter the next phase of our business. Our new securitised warehouse program supports our growth today and positions the company to access additional capital when needed via private, wholesale and public Asset-Backed Security markets as we build towards our $2 billion loans under management target.”