[COMMENT] Non-bank sector growth is an opportunity for advisers: Prospa
A new report from KPMG on the non-bank financial sector has highlighted the opportunities for fintechs in 2020, suggesting New Zealand is an ideal environment for disruptors like small business lender Prospa.
Adrienne Church, general manager of Prospa in New Zealand, said that advisers should take note of the sector’s strong growth, outlined in the report, and consider opportunities to partner with non-bank and alternative lenders in the New Year.
The small business lender currently has over 10,000 partners across Australia and New Zealand, and Church said the report demonstrates the need for the adviser community to educate themselves on different funding options now in market.
Church added: “2020 will be an exciting opportunity not just for fintech in New Zealand, but for the advisers that partner with them. With banks tightening credit conditions, it’s important advisers are aware of the alternative funding options available, particularly for small business clients. The demand we’ve seen since expanding to New Zealand reinforces this – we’ve delivered NZ$24 million in loans as at June 30 and recently established a $45 million NZ funding facility to help us support an increasing number of small businesses.
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