HBL have taken a 25% SHAREHOLDING IN ONLINE LENDER FUELLED.
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HBL have taken a 25% SHAREHOLDING IN ONLINE LENDER FUELLED.
Looks like a great move ;adding another financial area/arm ,and great linkage to Xero ; Smart Heart,moving with the times. imagine a great takeup here.
Heartland Bank Limited (Heartland) (NZX: HBL) advises that it has taken a 25% shareholding in Fuelled Limited, an online small-to-medium business (SME) lender (www.fuelled.co.nz). The shareholding has been provided alongside a committed debt facility enabling Fuelled to accelerate its Australasian growth plans.
Fuelled is a New Zealand-based business whose simple on-demand service enables SMEs to receive an immediate cash advance on their outstanding invoices, rather than waiting up to 90 days for their customers to pay. Fuelled is the first of its kind in New Zealand and has been selected by Xero as its first alternative lender in Xero’s recently launched Financial Web. This tight integration with Xero enables Fuelled’s advanced credit assessment engine to make real time credit and financing decisions. The Fuelled customer experience is fully online and the entire process takes just a few minutes.
Still can't do simple banking transactions on a mobile phone ...great digital strategy
Had the same concern when I heared at their last AGM about this online credit approval. However - it is not as bad as it sounds. Yes, they do give you online approval, but this is subject to sufficient evidence ... and if they do approve a credit, than there is a human checking the evidence prior to them paying out the credit facility.
I guess what they save this way is the need for humans to check evidence for credits they would anyway not approve. Makes sense to me.
Yes...most frustrating isn't it. They will get there tho.
I am advised that when they switch to their new system Samsung phones will work well with their internet banking platform. Apple phones will also work.
And that that will be in March. So not long to go. Hardly leading edge tho, is it. I find the BNZ mobile site really nice to use, especially like that it can use my fingerprint for authentication. Fingers crossed there isn't to much slippage.
Cheers, RTM
I guess it is a fact of life a good number of businesses have to wait far too long to be paid.
In the book trade if you did not pay by the 20th of the following month suppliers stopped supply.
Today the "majors" take 60 days to pay.So suppliers have to carry an extra month's debt.
Having only a quick look at www.fuelled.co.nz it appears the cost to suppliers carrying the extra month'd debt is substantial.
Yet in my modest business I get paid by schools so quickly,thanks to the internet, I can pay my suppliers on invoice.