So Money, previously recognized for its residential mortgage offerings, has identified a significant gap in the market for SME financing. Founder Zachary Su highlighted that small business owners often face challenges in securing loans due to rigid requirements from major banks, which may not accurately reflect the operational realities of modern Australian SMEs.
The new lending solutions introduced by So Money are tailored to address these challenges by offering more adaptable income verification processes and expedited approval times. This approach is particularly beneficial for self-employed individuals and small business owners who may not have the conventional financial documentation typically required by traditional lenders.
In addition to product innovation, So Money is implementing a broker-partnership model designed to alleviate the administrative burden on brokers. Under this model, So Money handles data entry, follow-ups, and back-office support, allowing brokers to focus on client relationships and strategic growth. This initiative has already attracted interest from experienced brokers seeking a more scalable and simplified business structure, as well as new entrants looking for a supportive platform.
The expansion into SME lending comes at a time when Australia's small business landscape is experiencing significant growth. According to the Australian Bureau of Statistics, new Australian Business Number (ABN) registrations nationwide increased by 21% to 104,784 in the year leading up to August 2025, up from 436,000 between July 2023 and June 2024. This surge indicates a robust entrepreneurial spirit and a growing demand for accessible financing solutions.
So Money's move into SME lending reflects a broader trend of non-bank lenders stepping in to fill the gaps left by traditional financial institutions. By offering tailored products and streamlined processes, non-bank lenders like So Money are providing vital support to the small business community, enabling them to seize growth opportunities and navigate financial challenges more effectively.
For small business owners and self-employed individuals seeking financing, this development offers a promising alternative to traditional bank loans. The combination of flexible lending criteria, simplified application processes, and dedicated support positions So Money as a valuable partner in the journey toward business growth and success.
