Small and medium enterprises (SMEs) keep Australia’s economy ticking. Not only do SMEs make up the majority of Australian businesses, they also contribute over half of Australia’s national GDP.

Indeed, data from the Australian Bureau of Statistics (ABS) highlights that SMEs make up 99.8% of all Australian businesses and contribute 55% to Australia’s GDP. With GDP currently sitting at USD $1,542 trillion, that equates to around $848 billion of the economy’s output.

While countries around the world look at ways to stabilise economies and head off a threatening global recession, SMEs in Australia play a huge role in our nation’s economic growth. 

As such, small business lending has grown into a huge $423 billion market where SMEs undertake loans and financial products to fuel their growth and enable cash flow. 

While incumbent banks dominate this market, more than 38% of Australia’s 2.3 million small businesses are seeking alternatives from non-traditional lenders.

And SMEs are turning to these companies for their lending needs.

One of the biggest movers and shakers in this space is Propell Holdings. With a vision to revolutionise small business finance, the company offers comprehensive capital, payments and insights services through a fast and accessible digital channel.

Propell does this by offering Australia’s first and only all-in-one finance platform providing SMEs with lending solutions that are faster to access, easier to use and simpler to manage using a digital-first approach.

Between 2014 and 2018, it was determined that poor financial management was the second-leading cause for SMEs failing in Australia.

This is where Propell’s platform comes in. 

The platform offers data-driven insights that enable small businesses to analyse their finances, reporting, cash flow and forecasting.

Propell is the only business currently offering lending, insights and payment solutions through one product and has grown its customer base exponentially by 360% in the last year.

As such, Propell is disrupting the $423 billion SME lending market where 38% of small businesses are moving away from banks and seeking alternative lending services.

Its unique platform gives Propell a first-mover advantage – it has already made and commercialised its software and can easily integrate new technology and products as they emerge, and its highly automated processes make it extremely scalable.

Partnerships with payments platforms, Square, Stripe and Zip further prove Propell is forward-thinking in the fintech space, solidifying its market position and accelerating its growth in the process.

Propell is targeting 100,000 small businesses on the platform in five years time, and is exploring international expansion opportunities.

To stay up to date with Propell industry news and announcements, register your details here.

Reach Markets have been engaged by Propell Holdings Ltd and may receive fees for its services.

Sources:

• The Adviser, 38% of SMEs considering alternative lenders: FICO
• AusTrade, Global Fintech Rankings 2021: Australia now ranks 6th in the world
• The Brainy Insights, Fintech Market
• CSIRO, SMEs key to driving growth in Australia Simon Hanson, CSIRO SME Director
• Moula, SME Definition: What Is an SME in Australia?
• PHL ASX Announcement, Fy23 Q1 Update & Appendix 4C