AppsVillage secures key partnership to launch its business lending platform into the Australian market
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Special Report: The software platform has had a string of hits lately as it builds out a global distribution network, and the stock price has been on a tear.
Since listing on the ASX, AppsVillage (ASX:APV) has been focused on building out its apps-made-easy service with complementary products offerings for its 500,000 strong customer base.
In quick succession the company signed partnership agreements with two US lenders – Seek Capital and Fundomate – leveraging its userbase to offer access for loans in return on a commission-based fee arrangements.
That followed a strong quarter in Q3 for its core service – a SaaS platform that lets SME customers download their own company app in minutes — which put the company on track for annualised revenue growth of 200 per cent in 2020.
The run of good news made investors stand up and take notice, as APV’s share price surged more than 300 per cent to a new record high above 50 cents.
Now, the company has expanded its micro-finace operations to the Australian market, via a partnership with fast-growing SME lending platform Lumi.
Lumi offers competitive loans ranging between $5,000 and $200,000, with repayment terms stemming across 3-12 months.
As part of the deal, AppsVillage will generate sales of Lumi loans to its existing customer base, via an in-app option on its software platform. In return, APV will receive a percentage of the financing value in the form of transaction fees.
APV co-founder and CEO Max Bluvband said the successful launch into the Australian market was a “great achievement” for the business.
“The ability to obtain micro-finance is becoming increasingly difficult for small-to-medium businesses (SMBs), and this represents a huge opportunity for us to help Australian companies foster growth,” he said.
Lumi CEO Yanir Yakutiel said the partnership would help accelerate growth in an area of the Austrlaian market that is currently underserved.
“We’re seeing small businesses in a vast variety of sectors flourish, but Australian banks simply aren’t agile enough to deliver finance where it’s needed most,” he said.
“Working together with AppsVillage, we’ll be able to further our vision and deliver finance to SMBs when it’s needed, through a platform they know and love.”