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FundX [SMART 100, 2016]

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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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1. THE BEGINNING

This innovation initially came to life when…

During the 17 years I spent building the digital teams of dotcom’s and corporates across Australia and Asia, I discovered that many of these businesses had one common problem: a lack of access to timely and affordable funding for growth or to fill cash flow gaps. In 2015, I began developing a sophisticated technology platform that would allow Australians investors looking for new investment opportunities to connect directly to these businesses in need of funds.

2. WHAT & HOW

The purpose of this innovation is to…

FundX is an online marketplace invoice financing platform designed to help SMEs fund their short term cash-flow gaps and/or finance periods of heavy growth.

It does this by…

A technology platform that allows FundX to provide an alternate form of business lending that advances funds to businesses on the receivables of their clients – otherwise known as “single invoice discounting”. The FundX difference lies in the speed and accuracy of the assessment process, allowing it to provide cheaper and faster finance in situations where banks are often unable.

3. PURPOSE & BENEFITS

This innovation improves on what came before because…

FundX is powered by a technology platform that uses big data, machine learning and proprietary algorithms to offer risk-based funding to SMEs where bank/credit union finance is unavailable, slow, expensive, or cumbersome to attain. $20 billion of SME loans are not being approved by banks each month which should – platforms like this can fill this gap.

Its various benefits to the customer/end-user include…

The key benefit of the FundX product is that it provides improved access to competitive funding (working capital) to SMEs, allowing them to grow and succeed.

4. COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

The traditional banking system has serviced SMEs poorly due to the following reasons. •SME loan rates are higher than those for large businesses and mortgages. •Lower approval rates for new ventures due to lenders being unable to properly assess the financial. •The application process is often overly cumbersome and complicated for SMEs.

Its predecessors/competitors include…

Traditionally, Australian SMEs have relied on banks and credit unions to finance cash flow gaps or periods of heavy growth. However, a Financial System Inquiry revealed that traditional banks and non-bank lenders are not capable of servicing this market efficiently.

5. TARGET MARKET

It is made for…

FundX is best suited to small and medium enterprises that provide B2B products and services. This market is estimated to encompass around 1.5 million businesses across Australia. Though the FundX product is now being rolled out across Australia, the intention is to enter global markets in the medium term, particularly the UK where there is great demand.

It is available for sale through…

The product is available through the FundX website which is available on most internet enabled devices.

Our marketing strategy is to…

Feature in trade and mainstream publications of relevance to SMEs to place FundX in a place of authority within the market and tell the FundX story. Attend conferences, presentations, events, and trade association gatherings of significance to SMEs to create a working relationship with the target audience. Apply for a number of awards to show FundX is a market leader.

FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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