Fintech closes $15m funding round

The Melbourne-based consumer lending fintech, which opened its books in January 2019, has closed its $15-million Series D funding round.

The new funding round has taken its total capital raised to date to more than $130 million (in combined equity and debt).  

According to Symple, the funds will be used “to further accelerate its profitable growth strategy” and for “targeted investments in new digital capabilities” in order to meet increased lending demand among Australians as the economy recovers from the COVID-19 recession.

The fintech said the financing round was well supported by existing shareholders, including investment firm Welas Investment Fund.

Gareth Thomas, chief investment officer of Symple, said: “We’re thankful to our investors for the ongoing support of our strategy and their confidence in our ability to deliver outperformance outcomes.  

“Symple’s business model has proven resilient during this time of volatility – we’re fortunate to be well capitalised and well positioned to further scale in the coming months and beyond.”

Tony Wales, director of Welas Investment Fund, commented: “Symple’s operational discipline and clever use of tailored risk-based pricing techniques are redefining personal lending for Australian borrowers and enabled them to deliver impressive performance to date. 

“We’re very excited to continue supporting the Symple team as they prepare and build the business for the opportunity ahead.”  

Looking forward, the fintech said it would build its presence in the market, including through its broker channel partnerships, and look to provide tailored risk-based pricing products (thus addressing what it sees as unnecessarily high-interest rates being paid by “credit-worthy” Australian consumers). 

Bob Belan, Symple’s co-founder and CEO, said: “Symple, along with our Australian fintech peers, has a role to play in supporting the country’s recovery and addressing the inherent consumer demand for better, faster and more affordable lending options. 

“We remain focused on building on our momentum to date and doubling-down on our vision to redefine how personal lending ought to work.”

[Related: Lender employs PwC fraud prevention software]