eWAY Capital is a new small business lending service that uses online data to assess applications. In other words, a faster way to get the working capital your business might need.
eWAY's new Capital business lending service is based on Kikka's lending platform.
Like Moula, eWAY Capital uses online sources of information including Xero, Shopify and business internet banking to simplify and accelerate the application and approval process.
According to eWAY, it can provide loans from $1000 to $100,000 in seven minutes, with the funds being transferred on the day of approval.
Repayments are tailored to the business's budget, and there are no penalties for early repayments.
Applications for eWAY Capital are only accepted from merchants with active eWAY accounts.
"Our merchants have been telling us it is difficult to find quick cash injections required to scale online businesses," said Matt Bullock, eWAY founder and CEO.
"Cash flow is king for online retailers experiencing growth, but quick affordable finance has has been hard to obtain until now. eWAY Capital will allow our merchants to quickly scale anything from expanding their product range, getting a new logo, or growing their social media presence and online marketing."
David Brennan, Kikka founder and CEO, said "We use real-time business performance information and a frictionless 3-step process to provide online retailers the capital they need, simply and fast. We are empowering online retailers to use the strength of their own data to take advantage of better financing options."