Reckon chief operating officer Daniel Rabie told AccountantsDaily it will supply the small business loan provider Prospa with data, to enable Prospa to process financing for businesses at a faster rate.
The new service, called Reckon Loans Powered by Prospa, will offer small businesses up to $250,000 worth of loans within a short period of time.
“This ability to provide data to a bank or fintech player so that they can do a real-time credit check and provide safer loans to small business is disrupting this space,” said Mr Rabie.
Mr Rabie said the process of securing a loan used to take businesses months, and that many businesses have failed simply because they couldn’t get financing quickly enough.
“The ability for us to provide that data to the right partner means that a small business that needs to get financing quickly to grow their business can move quickly on what they need to do, buy stock really quickly, move into that premises that they need to move into, or bring on those extra staff members.”
Mr Rabie said Reckon will continue to look for additional services and partnerships.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
