MyDeal enters new territory
MyDeal this week entered new territory with the launch of MyDeal Marketplace Loans.
Retailers that list their products through the MyDeal Marketplace can now apply for a business loan of between $5,000 and $250,000 directly through their supplier management system. In many cases, they receive funding in under 24 hours.
The decision to diversify into fintech came out of MyDeal’s six years of experience in the marketplace sector, which revealed inventory control acquisition to be a common barrier to growth for many small Australian retailers.
The launch of MyDeal Marketplace Loans is the result of a partnership with fintech business Prospa, a leading online lender for small business in Australia.
The loans are designed to help retailers maximise sales during peak periods, rather than running out of inventory when demand is at a high, and combat a variety of common challenges, including expansion costs and the need to access rapid funding to secure an opportunity.
MyDeal connects over 1,000 Australian retailers to over millions of consumers through its marketplace. On average, retailers have experienced 600 per cent growth year-on-year through the platform.
“Although traditionally we act as a vehicle to drive top line sales, our mission and purpose has always been to help Australian businesses to success online. We aim to align to that goal in all our business offerings,” MyDeal CEO, Sean Senvirtne, said.
The online marketplace has traditionally provided insights and one-on-one account management to assist retailers.
With the business loan integration, MyDeal Marketplace will become one of the first marketplaces in Australia to offer business loans. Amazon has a similar offer for sellers that use its FBA program.
“We are always looking for new ways to accelerate the growth of our retailers. When our providing additional support we believe this will enhance the experience for retailers who choose to list with MyDeal Marketplace.”
“Through this offering we hope to drive Australian retailers to invest in the online space, and expand their reach of the market,” Senvirtne said.