PayPal Eyes ‘Major Opportunity’ Of Aussie SMB Lending

Payment company PayPal is looking at small business credit as a new field of opportunity. The company is championing a national digital framework in Australia that would speed up the processes used to verify customers. In a submission to a senate inquiry into financial and regulatory technology, PayPal and other fintech companies recognized alternative business finance as a key strategy moving forward, according to the Sydney Morning Herald on Friday PayPal’s Australian chief executive Neil Matthews said consumer and small business credit would be major opportunities for PayPal. The company offers businesses working capital so they can borrow funds at a percentage of their income and pay them back in increments, as they make sales through the platform, minus a set fee that is determined by the company’s sales history.