- AppsVillage is launching into the finance market with its new Capital product later this year
- Currently, the tech company lets businesses build their own mobile apps through the AppsVillage platform — meaning there’s no need for coding or programming knowledge
- Now, AppsVillage will be offering credit and business loans of between $5000 and $50,000 through this same platform
- Businesses will be able to apply for these loans at the click of a button and expect funds to be in their accounts within 24 hours
- AppsVillage shares are remaining flat today, trading for 14 cents per share at midday trade
AppsVillage is on its way to becoming a one-stop-shop for small-to-medium businesses (SMBs) with plans to launch into the fintech market.
The app-building company told shareholders today it is set to launch its AppVillage | Capital product later this financial year. The new product will offer Microfinance services to new and existing SMB clients through the AppsVillage platform.
Since launching on the Australian Securities Exchange in August, AppsVillage has already started to make a name for itself in app development.
Currently, clients can use the AppsVillage platform to design, build, and launch their own mobile apps without the need for any code writing or digital marketing knowledge. The platform also allows for direct advertising through Facebook.
The company currently boasts a database of over 500,000 SMBs globally and more than 4000 paying customers on its platform.
Now, these customers will have access to micro loans, savings, and insurance, all through this AppsVillage platform.
The first service to launch as part of the new Capital product will be AppsVillage | MicroLoans. Through this service, AppsVillage will offer fast, one-clock credit and business loans of between $5000 and $50,000.
Company CEO and Co-Founder Max Bluvband said AppsVillage is in a unique position to introduce extra services through its platform to existing SMB customers.
“An SMB owner who creates a mobile app with our technology will be able to get financing in one-click to potentially expend their business and profitability,” Max said.
“This is the best value for customer centric vertical integration, and positive expansion of the company’s offering to its clients,” he said.
Existing SMB customers in Australia and the U.S. will be the first to have access to this service, with wider roll out to follow.
Essentially, customers that have already been approved by AppsVillage for credit for their subscription fees will have access to extra funding through the MicroLoans service.
Customers can apply directly for the loans through the AppsVillage platform and receive the funds within 24 hours of application submission.
The average loan repayment period will sit between 3 and 18 months, and AppsVillage said the service will offer competitive interest rates.
MicroLoans will be launched in the first half of the 2020 financial year, with more Capital services to follow.
AppsVillage shares have remained flat on the ASX today, currently trading at 14 cents per share.