Reckon Loans passes $10m milestone

27 March 2018

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Reckon Loans, the collaboration between cloud accounting firm Reckon and fintech lender Prospa, has broken the $10 million barrier in its first 18 months.

Since its launch in July 2016, Reckon loans has delivered $10 million in loans to small businesses through its partnership with Prospa.

The milestone comes as a recent Reckon survey found that as many as 57 per cent of small businesses have used their personal credit card to process work-related payments.

Reckon’s Australia and New Zealand managing director, Sam Allert, said that small businesses are increasingly turning to alternative finance providers.

“The online lending market in Australia has grown at unprecedented speeds, clearly demonstrating the demand for quick and fuss-free access to business-critical capital among small businesses, as cash flow continues to be a massive [pain] point for them,” Mr Allert said.

“This milestone is not only significant for Reckon, as we look to build a more fully integrated platform that offers a complete suite of services from small business loans to point-of-sale systems and software. It also signifies the strength of Australia’s non-bank finance sector and, importantly, the untapped opportunities within the online lending market.”

Prospa joint CEO Beau Bertoli said: “Small business owners are time-poor, so fast, easy access to finance frees them up to focus on growing their business. Prospa is excited to be partnering with a trusted brand like Reckon to reach customers where and when they need us.”