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

How Maih Porfyri’s career pivot took her from fashion to the Paralympics

Maih Porfyri had only been in her job for a few months before she was whisked away on a trip to Paris to cover the Paralympic Games.

My partner doesn’t speak Greek – Can we still raise bilingual kids?

You can absolutely raise bilingual children, even if only one parent speaks Greek. Across the world, countless families do so successfully.

Joint bank accounts: Who gets the money?

All people named in a joint account are privy to the money by Law. Most of us have opened accounts at various bank branches.

Vergina considered among the world’s most mysterious destinations

Featured alongside global wonders, Vergina earns its place through a mystery that has eluded scholars for centuries.

Gender in Modern Greek: Dr Angeliki Alvanoudi to give online seminar

The aim of the seminar is to examine the role of Greek gendered terms in sustaining social gender ideologies that reinforce sexism.

You May Also Like

Hellenic community steps up for homeless Australians at CEO Sleepout

The Vinnies CEO Sleepout is an annual event where CEOs sleep outdoors to raise funds and awareness for Australians experiencing homelessness.

The Block winners Steph and Gian sell Bexley home for almost $2 million

Last year’s winners of The Block, Steph and Gian Ottavio, have sold their renovated home in Sydney's Bexley for $1,825,000.

Victims of Arkadi holocaust commemorated with church service and wreath laying ceremony

A church service and wreath laying ceremony was held at the Greek Orthodox Cathedral in Redfern to commemorate the Arkadi holocaust.