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

Evzones inspire students during memorable visit to St Spyridon College

Staff and students of St Spyridon College gathered at St Spyridon Church in Sydney on Tuesday, April 29 to warmly welcome the Evzones.

Lemnos Remembrance Trail website officially launched to preserve ANZAC stories

The Australian Government Department of Veterans' Affairs (DVA) has officially launched the Lemnos Remembrance Trail website.

Bringing the magic of Greek cinema to life: An interview with Dioni Vertzayas

Dioni Vertzayas is set to mesmerise audiences in 'Songstresses of the Golden Age of Greek Cinema,' a concert in Sydney.

Greek Australian Writers’ Festival 2025: A celebration of storytelling, legacy and community

“Keep going,” was the sentiment George Kouvaros left audiences with as he wrapped up the panel at the Greek Australian Writers’ Festival.

Oakleigh Grammar students inspired by Round Square Footprints of Unity Conference

Oakleigh Grammar students have returned from the Round Square Footprints of Unity Conference in Perth with lasting memories.

You May Also Like

NSW Dimitria Festival lecture shines light on the Macedonia name dispute

As part of the 2022 Dimitria Festival, lectures were given by Dimitrios Kametopoulos and Costas Vertzayias on the Macedonian issue.

Scott Morrison and Greek PM Kyriakos Mitsotakis discuss Melbourne outbreak and economic recovery

Australian Prime Minister Scott Morrison spoke with Greek PM Kyriakos Mitsotakis this evening. It was the first opportunity for them to catch up since...

Students at Aetolian College’s east Burwood campus in Victoria host Christmas concert

Staff and students from the Aetolian College's East Burwood Campus in Victoria hosted a Christmas concert on Friday, December 2.