Former NAB execs raise millions to take on big four in small business loans with Banjo

"A team of former National Australia Bank executives has raised $7.5 million to create a new fintech business to provide loans to small and medium-sized businesses through an online application called Banjo. Banjo was founded by NAB's former managing director of business performance in corporate, institutional and specialised banking Andrew Colliver, along with two former NAB colleagues Julian Hedt and Stephen Murphy. It will take on banks by offering SMEs six months of unsecured working capital finance at annualised rates similar to the major institutions." Read more

Yolanda Redrup AFR 22 Sep 2015