The inaugural Australian Fintech Awards regonised innovation in the finance industry, with OnDeck Australia and Commonwealth Bank (CBA) receiving the Fintech-Bank Collaboration of the Year Award.
The collaboration between Australia's largest bank and non-bank small business lender, OnDeck, aims to help small business customers of CBA obtain easier access to finances. Launched in 2015, the collaborative effort currently serves CBA's retail banks SME customers and will seek to offer customers a wider range of options that are currently available for funding.
OnDeck entered the Australian market last year with CBA and online accounting software provider, MYOB, as distribution partners.
"Our collaboration is successful because we are pursuing the same objective, helping Australian small businesses grow through increased access to funding," OnDeck chief executive, Cameron Poolman, said.
"This award acknowledges the great work of the team at Commonwealth Bank and OnDeck."