Smart50 rank: 39
Revenue: $4,235,245
Growth: 47.90%
Founders: Hugh Evans, 47
Head Office: New South Wales
Employees: 11
Industry: Finance and insurance
Website: www.moneytech.com.au
Moneytech Limited offers commercial financing to small businesses.
Founded in 2003, it originally specialised in financing for IT companies but has since expanded to cover all small businesses.
During the past few years the global financial crisis has provided challenges for small lenders but Moneytech has weathered the storm, earning more than $4 million in revenue last financial year.
Founder Hugh Evans says the biggest challenge for his company was raising the necessarily starting capital, a hefty $12 million, but once key stakeholders were on board the process became easier.
He managed to secure $50 million funding from one of the big four banks, after making sure they were confident with the Moneytech business model.
Asked what lessons he would pass on Evans says it’s important to work smart as well as hard.
“Understand the business from all stakeholders’ points of view and endeavour to keep as many of them happy as much of the time,” he says.
Moneytech is in the process of licencing its product in Singapore, the UK, US and South Africa.
“Export prospects for our business are massive and we haven't yet really begun to explore these,” says Evans.
