20 February 2017
Heartland Bank Limited (Heartland) (NZX: HBL) advises that it has taken a 25% shareholding in
Fuelled Limited, an online small-to-medium business (SME) lender (www.fuelled.co.nz). The
shareholding has been provided alongside a committed debt facility enabling Fuelled to
accelerate its Australasian growth plans.
Fuelled is a New Zealand-based business whose simple on-demand service enables SMEs to
receive an immediate cash advance on their outstanding invoices, rather than waiting up to 90
days for their customers to pay. Fuelled is the first of its kind in New Zealand and has been
selected by Xero as its first alternative lender in Xero’s recently launched Financial Web. This
tight integration with Xero enables Fuelled’s advanced credit assessment engine to make real
time credit and financing decisions. The Fuelled customer experience is fully online and the
entire process takes just a few minutes.
The investment in Fuelled provides Heartland with the opportunity to gain further exposure to
online SME lending, following the launch of Heartland’s Open for Business loan origination
platform for SMEs in 2016 and its recent partnership with Spotcap Australia. Expansion of
Heartland’s digital origination platforms is a key priority for the business and Heartland
welcomes the opportunity to work with an innovative New Zealand company providing a
unique working capital offering for SMEs.
For further information, please contact:
Chief Executive Officer
Heartland Bank Limited
DDI 09 927 9149