Small business lender Axsesstoday’s half year results showed an increase in its profit after tax to $3.2 million as the alternative lending market grows in popularity.
Axsesstoday focuses on financing in the hospitality and transport sectors and increased its market share with receivables up by 53 per cent over 30 June 2017 to $265 million.
Founded in 2012, the specialist provider of equipment finance listed on the Australian Securities Exchange in 2016 after growing its loan receivables book from zero to over $52 million in four years.
For businesses in the hospitality sector Axsesstoday typically offers financing for coffee machines, display units, cooking, refrigeration and dishwashing equipment.
For businesses in the transport sector it finances second-hand trucks, trailers, forklifts and other light trade vehicles.
“We are moving away from finance being a commoditised product to offering a unique value proposition and a unique and proprietary IT core system,” he says.
The increasing popularity of alternative lenders such as Axsesstoday comes as the Financial Services Royal Commission (FSRC) began its public hearings on Monday with concerns about the major banks lending to small business on the agenda.
“It’s very early at this stage to undersand what are the changes which might arise out of that,” Ferizis says. “What the Royal Commission means is that customers want to be heard and at the moment it is hard for SMEs to secure finance from the major lenders.”
Axsesstoday assesses small businesses by using algorithims and modelling specifically developed for the hospitality and transport sectors.
Enhanced here http://snip.ly/8z4cf