Founders: Greg Ellis, 37 Sean Teahan, 38
Head Office: Queensland
Industry: Finance and insurance
Founders Greg Ellis and Sean Teahan came up with the idea for Cash Doctors Australia after finding they often needed cash for unexpected bills, last minute trips and other little financial emergencies.
They decided they wanted to help people access extra cash from time to time – just small amounts that old-school banks had no interest in offering and a different offering to pawnbrokers and loan sharks.
“Today, Cash Doctors helps thousands of Australians every month who are experiencing short-term cash shortfalls,” says Ellis.
To start out the pair had to put every cent they had into the business and had no money for themselves.
Ellis and Teahan even mowed lawns on the side until Cash Doctors started to work out.
“The beginning wasn't easy, the demand was overwhelming,” says Ellis.
“One of the biggest learning experiences was finding out that operating out of a shopfront was not the way to go, which was the determining factor in our choice to go online only.”
Now the pair work hard to keep up with the “ever-changing and quickly evolving” finance industry.
“In particular, the micro-lending industry has grown immensely over the last few years, at a rate of around 20%,” says Ellis.
“Regulatory and legislative changes within the industry have also been rapidly advancing recently.”
The pair are keeping tight-lipped about the next big move for Cash Doctors which they say is “top secret” at the moment.
“There are huge plans to enter the world of offline marketing in the coming months and further advancements on their processing technology,” says Teahan.