Moula Money, an online platform for small business lending in Australia, has secured $30 million in funding from Liberty Financial and a group of private investors.
The company has been lending to small businesses using a straightforward online application process since early 2014.
Moula chief executive and co-founder Aris Allegos said the company has seen significant demand from small businesses in Australia in the part 12 months.
"Our new funding round will enable us to expand the offering while delivering the same quality of service and speed," Mr Allegos said.
Unlike a traditional bank, small businesses can apply online for a business loan of up to $100,000 "in minutes" and receive funding the same day, he said.
A spokesperson for Liberty Financial said her company had been following Moula's success.
"Our experience in finance innovation will ensure Moula is well positioned to develop its platform and continue to offer their own innovative form of lending to small businesses in Australia," she said.
Liberty will also provide funding for Moula's loan book, Mr Allegos said.
"The overwhelming support from Liberty marks a new and exciting chapter for Moula and for the acceleration of our business model; we’ve found an ideal partner with an unparalleled track record for building a successful financial services platform in Australia and a shared vision for responsible and ethical lending," he said.
