Fast, easy, flexible capital for your business

In a New Zealand banking first, Kiwibank has launched Fast Capital, a digital platform that enables automated lending decisions for businesses.

For business owners wanting to apply for lending, but without having to collate and submit paperwork and wait days for a decision, Kiwibank’s Fast Capital comes as a disruptive breath of fresh air.

Fast Capital is the result of the bank leveraging the technical capabilities of fintechs Ranqx, Xero and MYOB to deliver a better and more efficient way of supporting business customers.

“SME owners want to prioritise their time, focusing on improving the profitability and growth of their business, as opposed to doing administrative tasks like applying for a loan,” explains Nicole Pervan, Kiwibank’s GM for Product. “This means that when they do get time to think about their financials, it’s outside of normal business hours. That’s why Fast Capital allows the owner to apply for a loan at a convenient time that suits them.”

With the increased restrictions around social distancing brought about by Covid, Fast Capital gives business owners the ability to complete, submit and get a decision on their application all online in just minutes and from the convenience of their home or business.

The application process is made easy via integration with Xero and MYOB. It is this easy application process that makes Fast Capital stand apart from other bank offerings.

Business owners can apply for any amount between $5000 and $100,000, which can be used as a Business Term Loan, Business Credit Card, Business Overdraft or a combination thereof – all to support cashflow or drive business growth.

It’s extraordinary finance flexibility for these extraordinary times.

Time is money

Kiwibank’s Fast Capital has direct integration into both Xero and MYOB accounting platforms, which means no financial information paperwork is required and you’ll get a decision on your application within minutes.

In fact, Pervan says the application process takes a mere three minutes to complete and the decision is received by the client via email within five minutes.

“The business owner just needs to click on ‘Apply Now’ on the Fast Capital page on the Kiwibank website, tell us who they are and how much they want to borrow,” says Pervan.

“After they log into their Xero or MYOB AccountRight account and give permission we will then access key financial data and credit history and use this to make the lending decision.”

After approval of the funding, Kiwibank’s Business
Lending team then contacts the business to finalise the product choice to ensure it’s the best option for the business. They will also discuss the next steps to provide access to the funds.

“In comparison, the time it takes to get a credit decision through a normal process can be five or six working days. We know time spent dealing with bank administration is a point of frustration for many businesses, so it’s great to deliver an innovative solution so businesses can focus on other priorities.”

Capital idea for electrical business

Gerrard McCarthy, owner of electrical business Micropico Systems, a supplier and installer of solar panels, has experienced first-hand the ease at which Fast Capital can deliver additional money to expand business. Earlier this year when Kiwibank informed him of Fast Capital he quickly decided to give it a try.

McCarthy was impressed by the process and the outcome. “I’ve never had a process so quick,” he says. “All I had to do was give permission for Kiwibank to access my accounting platform and it was done.”

To be eligible to use the Fast Capital service an applicant
needs to be a director of a New Zealand registered limited company that has been operating for at least two years, and
have up-to-date financial data with either Xero or MYOB AccountRight.

View the Fast Capital video