Kikka says the platform will enable small- to medium-sized enterprises to access capital in an efficient and easy way. The new platform is operated, funded and serviced by Kikka and powered by the US market leader Kabbage, the only company in the industry with a fully automated technology and data platform.
Kikka is scheduled to launch its online platform and commence lending in the second quarter of this year.
Kikka CEO & Founder, David Brennan says the platform will provide Australian small businesses 24/7 access to working capital facilities of up to $100,000, with credit approvals in just minutes.
“We are extremely excited to be teaming up with Kabbage, the industry leader in automated, real-time underwriting,” Brennan said.
“Combining Kabbage’s extensive experience with our small business loan offering is crucial to accelerate our entry into the SME lending market and ensure we stay ahead of the curve in this fast-moving online lending space.
“Recent Reserve Bank of Australia statistics show that about 55% of all businesses with annual turnover of less than $A10 million fund their business development using personal credit cards.
“We see a tremendous growth opportunity in the online lending market as we apply modern technology to make capital more readily available to Australian small businesses and bypass the long, slow and out-dated processes currently offered by the mainstream banks.”