{"id":32623,"date":"2023-10-20T14:28:33","date_gmt":"2023-10-20T14:28:33","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/nimble-patience-wins-8-3-million-funding-boost-startupsmart\/"},"modified":"2023-10-20T14:28:33","modified_gmt":"2023-10-20T14:28:33","slug":"nimble-patience-wins-8-3-million-funding-boost-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/nimble-patience-wins-8-3-million-funding-boost-startupsmart\/","title":{"rendered":"Nimble patience wins $8.3 million funding boost &#8211; StartupSmart"},"content":{"rendered":"<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"445\" height=\"352\" itemprop=\"image\" class=\"entry-thumb\" src=\"\/wp-content\/uploads\/2013\/08\/l_nimble-445.jpg\" alt=\"\" title=\"l_nimble-445\"\/><\/div>\n<p>Patience is a virtue, as the old saying goes.<\/p>\n<p>\u00a0<\/p>\n<p>And for the team behind micro loan website Nimble, patience has rewarded them with $8.3 million in funding they\u2019ve raised from a range of investors including iSelect co-founder and executive chairman Damien Waller and director Les Webb.<\/p>\n<p>\u00a0<\/p>\n<p>\u201cThe biggest thing for us was we did it on a shoestring for years,\u201d Nimble co-founder Greg Ellis told <i>StartupSmart<\/i>.<\/p>\n<p>\u00a0<\/p>\n<p>\u201cWe waited until we had the right investors to form a board with.\u201d<\/p>\n<p>\u00a0<\/p>\n<p>Ellis says that for him and fellow co-founder Sean Teahan, the \u201cright\u201d investors were those who shared their long-term vision for the company.<\/p>\n<p>\u00a0<\/p>\n<p>He says they weren\u2019t interested in joining with private equity, which generally sets shorter term goals.<\/p>\n<p>\u00a0<\/p>\n<p>\u201cWe want to run this business with a 10-plus years\u2019 outlook, not two to three years.\u201d<\/p>\n<p>\u00a0<\/p>\n<p>Ellis says the funding will go towards more investment in technology, especially mobile apps, as well as building brand awareness and funding its loans.<\/p>\n<p>\u00a0<\/p>\n<p>Nimble lends people a maximum of $1200 on short terms, with a maximum of 50 days.<\/p>\n<p>\u00a0<\/p>\n<p>Clients apply for loans through Nimble\u2019s website, which asks for personal and employment details along with expenses and wages details.<\/p>\n<p>\u00a0<\/p>\n<p>The company then analyses the information using credit history and other data to quickly make a lending decision.<\/p>\n<p>\u00a0<\/p>\n<p>Ellis says Nimble approves around 20% of all applications. Nimble\u2019s website says it has approved 327,505 loans since 2005.<\/p>\n<p>\u00a0<\/p>\n<p>Nimble says in a statement that the typical Nimble member earns a gross salary of more than $1000 a week.<\/p>\n<p>\u00a0<\/p>\n<p>\u201cPeople live pay to pay in Australia, that\u2019s a reality,\u201d Ellis says of the kinds of people who use Nimble. He says living expenses can add up and something may happen, like car repairs, when they need money quickly.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Patience is a virtue, as the old saying goes. \u00a0 And for the team behind micro loan website Nimble, patience<\/p>\n","protected":false},"author":2,"featured_media":62565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/32623"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=32623"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/32623\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/62565"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=32623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=32623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=32623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}