Grapple, a Lendtech innovator, raises $6.5 million Funding
Summary
Grapple will also make its state of the art lendtech available for intermediaries and other lenders.Grapples new platform release for select invoices and whole-of-turnover invoice financing follows years of development and has been built with feedback from Australian SMEs, who are looking for ready and flexible funding solutions on their terms.The pandemic has made the importance of cash flow management and access to finance even more important. John Mullen, Telstra chairman, and Morgan Stanley MD Adam Merino (US) are just a few of the high-profile investors who have increased their stakes. The bulk of the funds raised can be used to increase growth by forming partnerships in the sector and further product development.Grapples team was strengthened by two experienced fintech executives: Tommy Braas, ex NAB business head and Jarrod Baker, ex PayPal and Facebook marketing manager.Grapple CEO Steve Dawson, founder and CEO of Grapple, founded the company in 2017. Grapple, with a total of more than 100,000 invoices processed to the tune of $70million by Australian SMEs, has a strong competitive advantage and provides a path to scaling the business.Weve built a great platform thats intuitive and easy to use. Were also using data and smart integrations to make decisions more accurately than ever before which has reduced the risk for our partners and our customers, Steve Dawson.The COVID hangover is still very real for a lot of Australian SMEs and is being felt across their entire business ecosystem.