a soon to be launched online lending marketplace (initially borrowers will be individuals but the platform has plans to diversify to serve other borrower types including SMEs). MoneyPlace is in the final stages of technology testing and a full license (including retail investor approval) has been applied for. It is hoped that the platform will be able to open its doors for business in early to mid 2015.
The three founders of MoneyPlace have impressive experience in areas such as Investment Banking, Technology and Consultancy. They have approached the project in a methodical and thorough manner, as one might expect given their experience. Stuart readily admits that they are more ‘Fin’ than ‘Tech’ but he argues that this is no bad thing. Their credit model, whilst being 100% automated, has been a massive area of focus for MoneyPlace. It combines traditional credit metrics with innovative metrics to produce a robust, automated process.
The MoneyPlace platform will be a consumer focused online marketplace. It will deliver a new twist to the marketplace lending model with investor money being pre-committed (those investors having set certain investment preferences in advance). This will enable rapid funding of borrowers aided also by a heavily automated borrower approval process. MoneyPlace see transparency as crucial and told us of plans for an Australian industry body, similar to the UK’s P2PFA. To date MoneyPlace has been funded by its founders, but there is a funding round slated for mid 2015 as the platform begins to ramp up around its launch.
To learn more about the Australian AltFi market, check out our roundup here.
