Earlier this year Reckon teamed up with SME loan provider Prospa to launch Reckon Loans powered by Prospa, offering small businesses loans of up to $250,000 available within one business day.
The partnership sees Reckon supply Prospa with data to enable Prospa to process financing for businesses at a faster rate.
Yesterday Reckon Loans announced it has funded over $1 million to small businesses since the launch of its non-bank lender arm.
“This is a significant milestone for our business and clearly shows there’s a need for a faster and friendlier service than the banks are providing,” Reckon Group COO Daniel Rabie said.
“We can access accounting data through the Reckon One platform to look at the overall health of a business, not just personal credit scores.”
According to the Australian Bureau of Statistics, restrictions to capital are the most common barrier to innovation and the third-largest barrier to general business activity.
“There are 400,000 small businesses needing cash flow financing each year, which is the highest-ranked pain point that keeps small business owners up at night,” Mr Rabie said.
“This issue isn’t being served well by traditional lending sources, so we took a step to help the engine room of our economy thrive.”
Beau Bertoli, joint CEO of Prospa, added: “We’re optimistic about the future. We’ll continue to invest heavily in developing deeper integrations to improve the partnership and customer journey.”