A WA-based fintech that has utilised its platform to invest in and support the local economy, has called on state governments to better support similar initiatives aiming to bolster regional areas across Australia.
Perth-based Fair Go Finance is growing rapidly in the non-bank lending sector, having recently launched a new Tech Hub in Mandurah, regional WA, 75km from Perth. The lender currently focuses on personal loans, but “wants to look beyond” to new areas of finance in the coming years.
The Mandurah expansion created eight new roles, bringing the team to over thirty members and adding to the $2m in annual payroll dispersed in the region.
CEO Paul Walshe said, “I would encourage governments, particularly the WA state government, to do more to invest in the economic growth drivers, beyond what interest rate reductions can deliver, to attract and support companies and people in places like Mandurah.
“There are certainly things the government could do in regional areas to bring together a vibrant and progressive interaction between community and business. The government sits on a lot of data about trends in resources, employment numbers, et cetera. It would be very interesting to see how the government uses that data.”
According to Walshe, the Western Australian economy is searching for a foothold after its former reliance on the mining industry.
“The question becomes how do we diversify from that? I’m an advocate of linking schools, trade centers and universities to employers and community groups and the like, to create resources relevant for the future.
“At Fair Go Finance, we’ve got career options for all starting points. We have recruited trainees just out of school. They start in customer facing roles, learn the business, learn the process, and then go on to do either a degree or traineeship before moving to a mid or back office role.
“We’ve been able to progress people from just out of school into data science or analytics, people who are looking at web development career paths that weren’t an option previously.”
According to Mandurah Mayor Rhys Williams, Fair Go Finance is a “prime example” of how businesses can innovate and utilise local resources successfully.
Walshe and his team are able to invest in the community and the future of its residents, while simultaneously bolstering the strength and diversity of their team.
“Our vision is to add value to the lives of our customers. We aim to have a specialised team of technical innovators providing our customers with fast and secure access to non-bank personal loans via the latest financial technology,” said the CEO.
