“MyAssetPay fills a gap in the market by lending against non-traditional collateral and thereby giving asset holders the ability to unlock and leverage the equity in assets that have previously not had a suitable solution.
Owners of wine, bullion, art, collectibles, Bitcoin, and other assets that traditional lenders will not value will now have an alternative pathway to liquidity as well as the opportunity to leverage these assets.”
Fred Witherow, Co-Founder & Managing Director, MyAssetPay
MyAssetPay is a low-risk and fully secured lender that does not need to do credit checks and does not report customers who default on loans. Instead, the company gains possession of secured, authenticated, and insured assets during the loan term and returns them to the owner upon repayment. In the event of a customer default, the company liquidates the assets.
MyAssetPay allows customers to receive cash against their previously dormant personal assets, or they can use the service to leverage their existing equity to make a purchase or meet a financial deadline. MyAssetPay also provides partner businesses with an alternative payment method for their customers which in turn increases sales and service revenue from their customers.
- Banks will not lend against certain personal assets; this has given MyAssetPay a unique competitive advantage in the lender market.
- MyAssetPay offers a unique personal asset lending product that addresses risks for lenders and borrowers; these include valuations, authentication, storage, security, no credit checks / no credit reporting, all in one easy-to-use platform.
- The company has already secured an initial round of financing for up to $10M.
- It requires a seed funding round to complete the go-to-market strategy and begin offering loans to customers.
- Strong market opportunity – personal lending in Australia is a $220 Billion p.a. industry.
- MyAssetPay has also formed strategic partnerships with storage facilities committed to providing customers to the company.
MyAssetPay is raising $500,000 to expedite the company’s capability to offer loans to customers by August 2021.