Jacaranda Finance
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| Private | |
| ISIN | 🆔 |
| Industry | Financial Services |
| Founded 📆 | 2013 |
| Founder 👔 | Daniel Wessels (CEO) |
| Headquarters 🏙️ | Brisbane, Queensland, Australia |
Number of locations | 1 |
Area served 🗺️ | |
Key people |
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| Members | |
Number of employees | |
| 🌐 Website | jacarandafinance.com.au |
| 📇 Address | |
| 📞 telephone | |
Jacaranda Finance is a 100% online Australian personal lender, specialising in fast loan assessments and approvals. Jacaranda provides personal loans ranging from $2,500 to $15,000 with loan terms up to 24 months, as well as car loans up to $25,000 with loan terms as long as 36 months.
The company was established in 2013 by Daniel Wessels and is headquartered in Brisbane, Queensland, with operations across Australia.[1]
Jacaranda’s ultra-fast loan processing backed by the proprietary built MIMO lending platform means it has acquired a reputation for fast loan applications and approvals to creditworthy borrowers across a range of risk profiles. According to Jacaranda, customers can complete an application in just five minutes, receive approval in under one hour and can have the money in their bank account within 60-seconds.[2] It leverages a hyper-personal bank statement scoring model to assess the applicants’ creditworthiness to offer both secured and unsecured loans.[3]
Jacaranda Finance has won numerous awards since its inception, such as the Australian Small Business Champion Award[4] and ProductReview.com.au Award for personal loans.[5] The company was also listed in the Australian Financial Review's Fast 100 List of Australia’s fastest-growing companies.[6]
History[edit]
Jacaranda Finance was founded in 2013 by Daniel Wessels,[7] an award-winning entrepreneur with over a decade’s experience in the financial services industry. After working for a well-known lender in the United Kingdom, Daniel saw younger, tech-savvy Brits were turning away from traditional bricks-and-mortar financial institutions and instead choosing online-only lenders.
Jacaranda Finance was then established with the aim to create a fast, fair and responsible way for prospective borrowers to access a greater choice when it came to personal lending. Since its inception, Jacaranda has been striving to serve the digitally-savvy consumers by innovating within the FinTech industry and revolutionizing personal finance.[8]
Jacaranda Finance launched a bank statement scoring algorithm in 2020 to evaluate an applicant's creditworthiness. A score is determined using data from a read-only copy of bank statements, which includes spending habits, income, and financial obligations.[9] This is deemed by the company to be a more predictive risk measurement than a traditional credit score.
In October 2021, Jacaranda celebrated reaching the milestone of a $50 million loan book.[10] In August 2022, it launched a brand new car loan product, with plans to add more products to its product offering as the company strives to become a more mainstream lender.[11]
Products and services[edit]
Jacaranda Finance offers a range of loans, which are assessed and approved via its custom-built automated loan management system MIMO. It processes thousands of applications per day and then uses NPP (the New Payments Platform) to authorize instant payments to eligible applicants once their loan is approved.[12]
All of Jacaranda’s products are available 100% online.
Personal Loans[edit]
These loans range from a minimum of $2,500 to $15,000, with a maximum term of up to 24 months.[13] The loan applications made during business hours are approved or rejected within an hour and when the loan is approved, the amount is transferred to the borrower's NPP-enabled bank accounts within 60 seconds.[14]
Jacaranda’s personal loans:
- Can be secured or unsecured
- Have fixed interest rates
- Have no early repayment or early exit fees
- Come with weekly, fortnightly and monthly repayment options
Debt consolidation loans[edit]
Debt consolidation loans are also available with Jacaranda Finance, allowing customers to roll multiple existing debts (up to $15,000) into one easy-to-pay loan.[15]
Car loans[edit]
Jacaranda Finance offers secured car loans up to $25,000, with a maximum loan term of 36 months.[16] Conditional pre-approval is available within one hour of making the application, and the funds can be sent to the seller’s or car dealer’s bank account in under one minute.
Other details of Jacaranda Finance’s car loans include:
- Available for cars up to 12 years old
- Available for balloon payments, new and used cars
- No early payout or exit fees
- Rolling seven-day pre-approvals
- Fixed interest rates
- Weekly, fortnightly and monthly repayment options
Customer support[edit]
In addition to its state-of-the-art technology-backed loan processing, Jacaranda Finance also has a high standard of customer service.
New and existing customers can access some of the following key features in their online portal or by contacting a customer service representative:
- Real-time digital customer interaction
- Real-time online chat services
- Follow-up surveys
- Re-engagement via SMS, email, social media and the website
- Online loan management, including changing repayment schedules and dates, making extra repayments at no extra fee and more
Awards[edit]
Here is a brief snapshot of some of the key awards and nominations Jacaranda Finance, as well as its CEO Daniel Wessels, has received:
- Daniel Wessels, founder and CEO of Jacaranda Finance, is a three-time winner of the Young Entrepreneur Award for Professional Services (2018, 2019, 2020).[17] In 2021 he was a finalist for this award.[18]
- Daniel Wessels was listed in The Courier Mail’s Top 20 Under 40 in 2021.[19]
Daniel Wessels was listed at #36 on Business News Australia's Top 100 Young Entrepreneurs list.[20]
- Jacaranda Finance has been a finalist for the Australian Small Business Champion Awards for four consecutive years.[21] In 2019 Jacaranda Finance became the Financial Services Champion for this category.
- Jacaranda Finance won the 2020 ProductReview.com.au Award for Personal Loans.[22]
Jacaranda Finance was named Best Personal Cash Lending Provider by the Australian Enterprise Awards in 2020.[23]
- Jacaranda Finance was listed at number 53 on the Australian Financial Review’s Fast 100, featuring Australia’s fastest-growing companies in 2021.[24]
- Small Business Champion Award winner 2019 and 2021
References[edit]
- ↑ "About". Jacaranda Finance. Retrieved 30 August 2022.
- ↑ "How do I get approved?". Jacaranda Finance. Retrieved 30 August 2022.
- ↑ "Brisbane-based fintech Jacaranda Finance moves into prime lending space". businessnewsaustralia. Retrieved 30 August 2022.
- ↑ FinTech, Australian (11 April 2019). "Champion lender Jacaranda Finance sets a new pace for the fintech industry". Australian FinTech. Retrieved 30 August 2022.
- ↑ "2020 ProductReview.com.au Awards". product review.com.au. Retrieved 30 August 2022.
- ↑ "The fastest growing companies in Australia". Australian Financial Review. 28 November 2021. Retrieved 30 August 2022.
- ↑ "About Daniel Wessels". Jacaranda Finance. Retrieved 30 August 2022.
- ↑ "Jacaranda Finance: Hyper-personalisation is the key to cracking new age consumers". Business News. 9 March 2021. Retrieved 30 August 2022.
- ↑ "No grey areas: This is not your average lender". Newsmaker. Retrieved 30 August 2022.
- ↑ "$50m financial powerhouse built in mum and dad's rumpus room". The Daily Telegraph. Retrieved 30 August 2022.
- ↑ "Jacaranda Finance launches 60-minute car loan product for the average Aussie borrower". Jacaranda Finance. 2 August 2022. Retrieved 30 August 2022.
- ↑ Writers, Staff. "iTWire - Monoova, Jacaranda Finance partner on payments deal". itwire.com. Retrieved 30 August 2022.
- ↑ "Personal Loans". Jacaranda Finance. Retrieved 30 August 2022.
- ↑ "PRESS RELEASE: #cashin60seconds: Jacaranda Finance Australian arm is one of the first Fintech lenders to offer clients their approved funds in 60 seconds". Media Database. Retrieved 30 August 2022.
- ↑ "Debt Consolidation Loans". Jacaranda Finance. Retrieved 30 August 2022.
- ↑ "Car Loans". Jacaranda Finance. Retrieved 30 August 2022.
- ↑ FinTech, Reposted by Australian (21 October 2019). "Fintech founder Daniel Wessels takes out 2019's Young Entrepreneur Award for Finance". Australian FinTech. Retrieved 30 August 2022.
- ↑ "Daniel Wessels Named As A Finalist For Brisbane Young Entrepreneur Awards 2021". Jacaranda Finance. 16 September 2021. Retrieved 30 August 2022.
- ↑ "Top 20 Under 40 list: Young Queensland entrepreneurs taking on the world". Courier Mail. Retrieved 30 August 2022.
- ↑ "Australia's Top 100 Young Entrepreneurs 31-40". businessnewsaustralia.com. Retrieved 30 August 2022.
- ↑ FinTech, Australian (20 June 2021). "Jacaranda Finance nominated as Australian Small Business Champion finalist for fourth consecutive year". Australian FinTech. Retrieved 30 August 2022.
- ↑ "2020 ProductReview.com.au Awards". ProductReview.com.au. Retrieved 30 August 2022.
- ↑ "2020 Awards Cabinet". Jacaranda Finance. Retrieved 30 August 2022.
- ↑ "The fastest growing companies in Australia". Australian Financial Review. 28 November 2021. Retrieved 30 August 2022.
