MB Private announced that Westpac has committed $150 million in funding, with the possibility of increasing this to $500 million through the startup lender.
- MB Private was founded by Marcus Morrison.
- Marcus Morrison previously helped Zagga Group, a Sydney-based private lender, originate more than A$3 billion in loans.
Why it matters
This increased availability of funding via a new non-bank lender could provide SMEs with alternative financing options beyond traditional banks, potentially affecting borrowing costs and access to capital.
Source: NBR
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