When EFTLab secured three global contracts, being able to scale quickly and get the right team in place was key. Export Finance Australia was able to support.
Based in Brisbane, EFTLab develops and sells payment platforms. Starting in 2011, the business has been operating globally from the very beginning, providing solutions to businesses around the world.
EFTLab offers an alternative, modular payment solution for the modern landscape. Its core product is its payment switching platform. Banks, large merchants and payment processors, or any business running its payments, are potential customers of EFTLab.
Veronika Bilek, CEO at EFTLab, highlighted that this is because the industry has changed rapidly. “There are different players coming in, not only banks,” she explained. “There are so many different businesses that are a part of the electronic payment infrastructure, new payment methods and advanced security requirements.”
This changed market required new payment solutions. EFTLab’s lego-like architecture, which utilises a number of different types of modern technologies and different programming languages, comes together to form a new, flexible platform.
After winning three global projects across Europe, New Zealand and South Africa, EFTLab needed financial support to scale resources and deliver its contracts.
Although capital raising had been successful in the past, Veronika said it was not a route the business wanted to go down again. Additionally, the options available with commercial banks were limited.
“I was having a good experience working with the Government. We had received few grants and I knew that there was support available. This is how I came across Export Finance Australia.”
New solutions to manage a long working cycle
The full process of each contract takes a minimum of six months, which is why EFTLab needed a fully resourced team of personnel that could support these new projects.
“Even if we have a signed contract, we typically get paid in stages or at the beginning we get a small amount, but we have to deliver.”
We provided EFTLab with a A$350,000 Export Contract Loan to support employee hiring and development to fulfil these contracts.