JOHANNESBURG - Financial comparison website Fincheck said on Monday it had taken over the full management and equity in FundingHub, making it South Africa's biggest such site and the largest lead aggregator having signed on 71 banks, lenders and insurers.
FundingHub offers 30 alternative lenders and banks able to meet the needs of South African small and medium enterprises (SMEs) looking for finance to grow their businesses.
The business started two years ago and has attracted average loan sizes of R300,000, with the largest loan being R72 million.
SMEs who apply for funding on the online hub must have been in business for at least 12 months, with R1 million annual turnover.
“FundingHub allows SMEs to apply in under six minutes for business finance, comparing multiple accredited finance providers and to make the most appropriate choice based on their business needs," Fincheck CEO Michael Bowren said.