ScotPac Partner Trade Ledger for Rapid Loan Approval Speeds
(7 September 2021 – Australia) ScotPac, Australia and New Zealand’s largest non-bank lender, has joined forces with Trade Ledger, a global digital lending platform innovator, to create a market-leading origination and underwriting experience for business funding.
The offering is designed to supercharge loan approval speeds and make applications easier for businesses. Market-leading technology creates a real-time platform allowing quick approval turnaround, with the ability to handle complex funding deals.
ScotPac is using Trade Ledger’s data-driven lending platform to unlock all types of working capital and business lending products for SMEs who cannot always easily access finance. The partnership offers business owners and their advisors dramatically reduced application turnaround times and ensures ScotPac is one of the few business financiers able to quickly finalise funding for both simple and complex deals.
The Trade Ledger platform was piloted on ScotPac’s asset finance offering, achieving a 90 percent reduction in application turnaround time and a 300 percent growth in new business volume in the last year.
“With 30 years’ cashflow lending experience, and huge ambition, ScotPac is the ideal partner to shape the emergence of data-driven lending in Australia and New Zealand. Our technology and business data insight, paired with business finance experts like ScotPac, is accelerating and transforming business finance - focusing in particular on the SME and mid-market lending experience, unlocking economic growth with better lending products. The partnership demonstrates how effectively our platform can help a lender grow their business” stated Trade Ledger Founder and CEO, Martin McCann.
“ScotPac and Trade Ledger have created a fully digital experience that is simple for the end user, whether they are a small businesses or large corporation. The goal is to transform business funding so it’s easily accessible for SMEs. SMEs can quickly access multiple products including our debtor finance, asset finance and trade finance to solve their most bespoke or complex funding problems. The value of speed and consistency is massive for business owners, and for our broker and accountant partners” commented ScotPac CEO, Jon Sutton.
“Trade Ledger’s platform goes beyond Open Banking. Our ability to match a lender’s customers with the right services and bring new propositions to market quickly is key to our relationship with ScotPac and transforms how business finance can be accessed. The Trade Ledger partnership will completely digitise the front door to every channel and product for ScotPac, with supercharged and secure digital processes that don’t hold business owners back when they are looking for funding” Mr Sutton added.