Marketplace lending (formerly known as P2P and P2B lending) has been big business overseas for a number of years and is taking off in Australia. The newest current provider of SME loans in Australia is banjo, a business twelve months in the making and which has launched with $7.5 million in seed funding from tech investors.

Banjo offers loans of between $5,000 to $250,000 for SMEs, via an electronic application that offers approval in hours and funds deposited in as little as 24 hours.

We caught up with Andrew Colliver, Chief Executive Officer of banjo, to find out more about the business structure.