A new Australian start-up is bringing top-tier biometric security and real-time big data decision-making to small business loans. Sail Funding has now launched in Australia to transform the way small businesses access the capital and resources they need to grow – and in many cases, stay in business.
Sail has developed a unique algorithm that harnesses big data in real-time to offer fully customised lending decisions. In a matter of minutes, business owners can apply and receive a loan offer that is tailored to meet their needs, with funds available in their bank account the next day.
Businesses can apply for loans amounts between $5,000 and $100,000, with a clear weekly repayment schedule spread across three to 12 months.
Sail launches in Australia having raised $8 million in initial seed funding. The venture is backed by prominent Sydney based investors and Messrs Marc and Gideon Lubotzky who have joined Sail’s board of directors.
Who is the target market for Sail?
CEO and founder Yanir Yakutiel, a former finance and shipping expert says the service will appeal to business owners and entrepreneurs who are currently under-serviced by banks and traditional lenders.
“Often, what small businesses need most is cash flow at the right time. Sometimes it’s the difference between staying afloat or going out of business,” he said.
“Being rejected for a loan can be catastrophic but having to put up your home or car as collateral also causes significant personal challenges. By using our proprietary algorithm and unique security features, we can get a customised assessment of a business’ risk-level and get them the capital they need when they need it most, in a way that works best for them,” said Yakutiel.
What sets Sail apart from the rest?
Sail is the first Australian business to utilise AU10TIX BOS technology, an online ID verification solution that automates the authentication and conversion to digital records of images of ID documents. This enables forensic level detection of forgery and counterfeiting – similar to airport-grade ID security.
“We know when a business applies for a loan, it is entrusting us with highly sensitive information. We consider it of utmost importance to ensure that the information is not only accurate, but also protected.”
“Leveraging a new breed of security technology better positions us to continue supporting our customers throughout the business journey and give them the comfort that applying for a loan can be fast and secure,” added Yakutiel.
Reflecting its unique offering, Sail was one of eight fintech and cybersecurity start-ups selected to participate in the Tel Aviv Landing Pad program, established by the Australian Trade Investment Commission (Austrade), in collaboration with the NSW Government.
“It’s all about collaboration – whether you’re an Australian start-up looking to experience Israel’s impressive start-up infrastructure or a small business owner in need of a loan partner to take your venture to the next level. By making new connections and harnessing best-in-class technology, we can set ourselves and our customers up for real success,” added Yakutiel.