Credi Announces International Rollout After Impressive Growth in Australia

KEY TAKEAWAYS:

• Fintech platform Credi has shown a good performance after its launch in April this year, as it already sets its eyes on international expansion starting with New Zealand and then in the United States and the United Kingdom.
• Credi seeks to address the problem faced by informal loans by introducing important features of commercial loans such as repayment structures and repayment reminders.
• Credi allows families and friends to formalise and manage their loans without destroying relationships.

Fintech platform Credi bared its plan to expand internationally including New Zealand, United States and the United Kingdom within five months after its launch in April this year.

“The product works in multiple jurisdictions. Given that we’re not a lender, we’re a software company, we can facilitate software-based transactions in a number of territories. We had always planned to go to New Zealand next due to proximity and similarity in terms of market profile,” Credi founder Tim Dean said.

Australian company, Credi, has enjoyed an impressive growth and is expected to grow even bigger with the rollout of its platform in New Zealand on October 23. It has created 2,000 accounts and documented up to $35 million worth of loans. The company saw a $5 million increase in loans and an increase in the number of users from 700 in August this year.

The month of September is doubly significant to Credi as it expects to air its first television campaign both in New Zealand and in Australia by the middle of October. Dean said Credi is currently lender-centric with up to 60% lenders and 40% borrowers using its platform.

“However, we expect that some stage in the future there will be an equalisation between borrowers and lenders. For example, a millennial might go to a parent with a problem but with Credi, they go with a problem and a plan with the platform to help solve that,” Dean said.

Credi has commissioned a research that showed the difficulty of loans that are organised informally by people. The report found out that there is a change in the relationship between the lender and borrower and this has often led to arguments and even resentment between the parties.

Dean said the introduction of repayment structures and reminders which are regular features of commercial loans, could address the problems experienced by informal loans.

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