Alibaba Extends Partnerships Into Australia

Chinese e-commerce giant Alibaba is extending its influence in Australia by offering payment and loan solutions in the country.

GetCapital, an emerging Australian financial technology startup, is partnering with Alibaba to provide financial services to Australians through Alibaba’s platforms. GetCapital flew under the radar until recently when it gained more attention due to its userbase growth.

“The growth trajectory for us is about finding partnerships — finding a small number of very high-quality partnerships, and we put Alibaba in that category,” said Jamie Osborn, chief executive of GetCaptial.

The Australian startup, as its name suggests, provides capital-raising opportunities for small business that otherwise would be unable to acquire loans. GetCapital utilizes technology to widen the accessibility of fairly priced loans. Over the past 2 years, GetCapital has acquired 1.9 million accounts, which constitutes close to 9 percent of the total population of Australia.

The company facilitates loans from businesses to businesses, providing unique partnership opportunities. “It’s the global leader in B2B platforms,” said Osborn.

GetCapital will be one of the first Australian companies to provide financing through a Chinese company, namely Alibaba. The Chinese company has attempted to expand past its roots and move into the fintech sector with services such as its e-Credit Line service.

This unique service provides access to capital for import and export transactions, a service which previously was only available to Chinese companies. Although GetCapital will provide early and preferential access to Alibaba, the company plans to expand both its services and partnerships as its reputation continues to climb.