Alibaba Teams Up with Capify to Make Business Loans
Hours after AmeriMerchant announced it had been rolled up into an international business lending conglomerate known as Capify, The Australian Financial Review released a story that said Alibaba (NYSE:BABA) would already be teaming up with them. The partnership’s goal is to offer small business loans to 1.9 million Australian customers.
The story quotes Alibaba executive Michael Mang. “The purpose of the collaboration with Capify is to increase traffic and encourage more people to buy things on the internet. We’re not competing with banks and we’re not trying to create competition here. Buying and selling is the core of our business,” Mang told the Financial Review.
John De Bree, the former Managing Director of Australia-based AUSvance is now Australia’s Managing Director of Capify. De Bree reportedly said, “while there is technically no limit to SME’s access to capital, it expects to lend around $40 million to Australian SMEs over the next 12 months.”
AmeriMerchant joined UK-based United Kapital, Australia-based AUSvance, and Canada-based True North Capital to be a “global provider of alternative finance solutions, including business loans and additional working capital products, to small and medium-sized businesses.” AmeriMerchant’s founder David Goldin became the conglomerate’s CEO and President.Last modified: July 21, 2015
Sean Murray is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future deBanked events here.