George Confos’ neobank given licence for small business lending in Australia

·

Emerging Sydney fintech, Avenue Bank, has been granted a restricted banking licence by the financial regulator APRA.

Avenue was founded by entrepreneurs, Colin Porter and Dale Hurley. In July last year, it recruited former Commonwealth Bank executive, George Confos, as CEO.

Avenue proceeded to raise $37 million in a Series B funding round, which closed last February.

The digital bank is backed by Sherman Ma’s Liberty Financial Group and is looking to push into the small-medium business lending territory currently dominated by Judo Bank and fintechs such as Prospa.

The APRA approval means Avenue can offer short-term working capital lending to SMEs. The neobank is hoping for a full licence by mid 2022.

Avenue will also use the Series B money to build its core banking technology and activate its launch plans.

Avenue co-founders Dale Hurley and Colin Porter with CEO George Confos.

Avenue CEO, George Confos, said the impacts of the pandemic lockdowns had improved the company’s value proposition and their mission remains the same – to explore more ways to leverage the company’s position as a bank and offer unique services in the market.

“Avenue’s innovative and digitally enabled product suite will deliver a much-needed cash injection to help Australian businesses. We’re solving real problems for real people, focusing initially on small and medium-sized enterprises,” Mr Confos said.

The company, he added, had the potential to inject some “much-needed competition into the underserviced SME sector.”

“It’s time small businesses had access to a new kind of bank which finds more ways for small businesses to access valuable cash flow,” Mr Confos said.

“We have fresh ideas to solve an age-old problem SMEs continue to face.”

Source: Startupdaily.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Greek school memories: Honouring the teachers who shaped our language and lives

Both the negative and heartfelt stories of Greek school have a way of becoming core memories for Greek Australians.

Spotlight on VCE Greek teacher Kristian Raspa

Sunday, October 5th is World Teachers’ Day and gives us the opportunity to celebrate the influential educators who have shaped our lives.

Movie ‘Arcadia’ picked for Oscars 2026 as Greek entry

The submission will represent the country at the 98th edition of the Academy of Motion Picture Arts and Sciences (AMPAS) in the United States.

Greece remains world’s maritime powerhouse in 2025

Greece continues to dominate global shipping, maintaining its position as the world’s top ship-owning nation by capacity.

WA Parliament hosts discussion on book honouring Colonel George Devine Treloar

The Hon. Maryka Groenewald MLC hosted an afternoon tea discussion on Tuesday, 30 September at the Parliament of Western Australia.

You May Also Like

The Apollo restaurant in Potts Point fined for COVID breach

The Apollo restaurant has been fined over a new coronavirus breach three months after being at the centre of a big COVID-19 cluster.

Greek PM appeals for restraint during uprising anniversary

“There can be no freedom without responsibility,” he said.

Modern Greek Teachers’ Association hold Annual Conference in Victoria

On Sunday, June 2, the Annual Conference of the Modern Greek Teachers Association (MGTAV) was held at St John's College.