Fintech lender Earlypay has posted record growth on the back of strong end to the 2021 financial year.
The SME-focused lender reported profits of $8.7 million and no losses, despite the ongoing issues in the small business sector caused by the pandemic.
“The key to Earlypay’s success in FY21 was the implementation of our online strategy and new online lending platform,” said CEO Daniel Riley.
“This was the driver of growth in client numbers and even with the disruption of COVID, Earlypay successfully grew our loan book. The strong growth trajectory has Earlypay entering FY22 on a significantly higher earnings base than at the start of FY21, with even more momentum expected in FY22.”
Earlypay’s proprietary platform has been a key driver of their success, allowing the fintech to help commercial brokers to service their clients quickly.
“The new lending platform has dramatically improved the turnround time from client application to the line of credit being provided, has streamlined the end-to-end lending experience for clients, allows clients to self-service on the platform at any time, and has allowed us to significantly expand our addressable market,” said Riley.
“The new platform carries significant appeal for brokers too, offering clients loan sizes from $20,000 to $15m+ with a flexible, fast and user-friendly lending process that is focused on delivering customers’ needs.”
According to Daniel Riley, Earlypay’s product has allowed it to provide a point of difference to SMEs struggling due to the pandemic.
“In a time of continued economic uncertainty, with limited government support for SMEs, the flexibility of Earlypay’s invoice finance product which only requires outstanding invoices as security on a line of credit, is critical to the ongoing operation of many Australian businesses,” he said.
“These factors have driven the business’s organic growth considerably, and we are well positioned to facilitate this growth into the future with solid funding, plenty of cash in the bank, and a focus firmly on making our clients’ access to finance simpler.”
