Kikka Capital, an online non-bank lender to Australian SMEs, has picked up a $2m equity investment from FlexiGroup alongside a new funding line for the business.
The fintech startup provides growth capital to small businesses, via a revolving line of credit, of up to $100,000, having developed a risk based credit decisioning and pricing engine that assesses the cash flow of a business in real time to determine the loan size and interest rate.
FlexiGroup will also have access to a white label version of the Kikka platform it can market to existing and new customers following the deal.
Kikka Capital founder and CEO David Brennan said: “Our partnership with FlexiGroup is important as it represents an opportunity to supplement Kikka’s existing online-only distribution channels.
“We see this as a great opportunity to leverage FlexiGroup’s network to drive more rapid loan growth.
“Kikka is one of the new and innovative lenders in the commercial market, and investment from FlexiGroup provides access to capital and the ability to commercialise our product at scale, which gives us a significant competitive advantage.”
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