New service offers seven-minute SME loans

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Online payments company eWAY has unveiled a new service enabling Australian businesses to access instant finance.

eWAY Capital, the result of a partnership with small business lender Kikka, offers financing options from $1,000 to $100,000, which can be accessed in seven minutes as part of a three-step online application process.

In an attempt to stimulate online business, the loans on offer will be specifically designed and targeted towards online retailers.

In working with online businesses, leveraging existing information from integrated platforms such as Xero and online shopping software such as Shopify will allow eWAY Capital to provide up-to-date business reports as part of the application process, the firm said.

David Brennan, Kikka founder and CEO, praised the opportunity to assist “underserved” Australian online retailers.

“We are empowering online retailers to use the strength of their own data to take advantage of better financing options,” Mr Brennan said.

Matt Bullock, eWAY founder and CEO, spoke of the options that new finance can unlock for small business: “eWAY Capital will allow our merchants to quickly scale anything from expanding their product range, getting a new logo, or growing their social media presence and online marketing,” he said.

“Kikka’s simple, end-to-end online platform will help eWAY Capital create an entirely new approach to financing. It’s quick, simple and integrated and I believe it will have a significant impact in bolstering Australian eCommerce,” Mr Bullock said.