The appointment of Chris Ridd, the former managing director of Xero, follows strong growth for Moula over the past 12 months as small businesses in Australia change the way they access loans.
Moula chief executive and co-founder Aris Allegos said having someone with Mr Ridd’s “track record of building exceptional businesses is a tremendous boon to Moula”.
“He gets small businesses and the challenges they face, and is a huge advocate for what Moula is trying to – to help Australian SMEs grow,” said Mr Allegos.
“Chris has a genuine talent and a passion for this space.”
Noel Tiufino, director of My Accounts, said the appointment is the “formalisation of what most bookkeepers and accountants already know – that Moula is a solid, reputable and rapidly growing company that is stepping up to be a serious force in the fintech space”.
Tim Munro, CEO of Change Accountants and Advisors, said he has immense respect for Mr Ridd and what he has achieved at Xero.
“He would only join a business he admired and which inspired him.”
The appointment coincides with the release of figures from Moula’s Disruption Index, which indicates the number of data-approved loan applications has doubled over the past year as more businesses become comfortable with providing bank and accounting data to access unsecured finance.
The Disruption Index results also indicate the average expected wait time has reduced from 7.5 days to 6.5 days over the past year.
Mr Allegos said the Disruption Index indicates a significant shift in the way SMEs expect to access finance.
“There is a huge opportunity to help SMEs grow through accessible finance that is based on a thoroughly transparent, data-driven approach,” he said.