TradePlus24 expands its footprint into Australia

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14.06.2019
Melbourne

The Zurich based Fintech startup Tradeplus24 offering flexible financing alternatives to SMEs is spreading its wings further to Australia. With a new office in Melbourne and two employees, the startup seeks to bring its services to the underserved market.

The Australian lending market is heavily dominated by the four major banks, which have become quite selective in providing loans to SMEs. At the same time alternative lending players often focus on the smaller end of range and mainly finance micro-businesses, leaving the market for SME-loans between $500,000 and $10 million significantly underserved. While these aspects make borrowing for Australian SMEs a challenge, they also make the market attractive for new service providers.

TradePlus24 is now seizing the opportunity by establishing itself in Australia. The startup will provide loans from $500’000 to $10 million to mainly address the needs of SME that require higher credit lines. Tradeplus24 will apply its unique model by securitising and using insurance to underwrite the account receivables of SMEs, enabling the company to issue loans to SMEs at attractive conditions and competitive rates while eliminating risks.

The company has assigned two employees to work at the new offices in Melbourne. They will ensure a smooth start for the company as they prepare for the official launch of the solution in Q3 this year. Tradeplus24 has also entered a partnership with Trade Ledger, a deep tech platform provider, which will facilitate the Swiss startup’s entry into the Australian market by assessing SME supply chain data in real-time while simultaneously calculating risk down to the individual invoice.

Elaborating on the motivations for expanding to Australia, Matthias Kribbel, Chief Product Officer revealed to Startupticker that the team has recognised and reviewed the market needs of Australian SMEs and therefore aspires to address them and complement existing solutions. Additionally, Kribbel also explained that the strategic move was supported by the well-established cloud-based ERP software infrastructure of the SMEs in Australia. This will make it easier for the startup to tap into the market and accelerate operations upon going live.

(RAN)

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