Sydney-based fintech Fundo Loans, known for its innovative gamified lending model, is gearing up for a major expansion into the US market with the launch of its new brand savvyloans. Founder Bishara Hatoum, a two-time Sydney Young Entrepreneur Award winner, is optimistic about the company’s prospects as it secures a US$5 million credit line for its American venture.
The decision to rebrand as savvyloans in the US was prompted by the existence of a trademarked Fundo in the country. It is important to note that the US-incorporated savvyloans has no affiliation with the Australian lending business Quantum Savvy Pty Ltd.
Fundo Loans has seen significant success in Australia, with a monthly run rate of $30 million and over $108 million worth of loans dispersed to date. The company’s gamified Fundo Credit Score has been a key factor in enhancing the user experience, providing customers with transparency and insight into their loan approval chances.
With a lean team and a new office in Dallas, Texas, Fundo is poised to make a splash in the US market. Despite facing challenges such as language barriers and different marketing strategies, Hatoum is confident in the company’s ability to replicate its Australian success in the States.
As Fundo transitions to savvyloans in the US, the focus remains on providing a seamless user experience and driving customer retention. With a strong track record and positive feedback from the soft launch, savvyloans is poised to make a significant impact in the competitive American lending market.