Digital personal loans start up Symple Loans has completed an $11 million Series C equity capital raise to accelerate its profitable growth strategy.
The company’s latest funding round was led by existing shareholders along with a number of new investors including Costa Asset Management and the Welas Investment Fund.
The digital loans company has now raised more than $70 million in combined debt and equity capital which includes the recent launch of a securitised warehouse facility backed by NAB.
Bob Belan, Co-Founder & CEO at Symple said, “This raise further strengthens our balance sheet and positions the company to deliver on its long-term strategic and financial plan. The funding will be used to support our growth, reduce loan capital costs and for investments that differentiate our digital lending experience for customers.”
Belan said investors have been attracted to the company’s unique business model, growth trajectory, operational discipline and the broader momentum that is building for alternative lending in the Australian market.
Liza Whitmore, CEO of Costa Asset Management said “Symple’s dual focus on serving the unmet needs of Australian consumers and generating attractive returns for equity investors was very clear from the start.
“As traditional lenders scale back, Symple has demonstrated they are well positioned and well prepared to capitalise on these market dynamics to profitably gain share.”
Symple began lending in January 2019 as the company saw an opportunity to reward financially disciplined Australian consumers with access to lower interest rate personal loans.
The company said its use of technology and global lending best practices allow Symple to maintain a low cost base – creating value that is passed on to credit-worthy borrowers in the form of market leading rates.
Belan said, “We’re very encouraged by the results that have been achieved in our first 12 months of business.
“Symple’s early ramp up has outpaced expectations and the scaling of the business means that we’re able to offer more Australians a better experience and better value in meeting their personal lending needs.”