27. Beforepay Group
Beforepay Group was founded in 2019 to address the millions of Australians with limited access to small cash boosts. See their Smart50 rank.
Revenue: $35.3 million
Growth: 52%
Founders: Tarek Ayoub, Dean Mao
Head office: Sydney, NSW
Year founded: 2019
Employees: 42
Industry: Financial Services
Website: beforepay.com.au
How Beforepay Group started
Beforepay Group was founded in 2019 to address the millions of Australians with limited access to small cash boosts for unexpected expenses. As a result, many turn to high-risk revolving debt or payday loans. Seeing an opportunity to provide a safe, affordable and ethical alternative, it launched Beforepay and its flagship Pay Advance product, which provides short-term loans of up to $2,000 for a fixed 5% fee.
Growth
Through continuous refinement of its AI models, Beforepay Group has been able to achieve high levels of efficiency. It currently issues 35,000 loans on average every week and has reduced default rates significantly. In FY24 alone we recorded a year-on-year improvement in net defaults, down to 1.2% from 2.1% in FY23. Beforepay Group has also established its B2B arm, Carrington Labs, offering other lenders explainable AI credit risk scoring, loan limit recommendations and loan management solutions.
Where to next
Carrington Labs is driving international expansion for the business, enabling financial institutions worldwide to leverage its AI-driven credit risk assessment and loan management solutions. By focusing on both domestic growth and international expansion, it aims to enhance financial inclusion and provide responsible lending solutions across consumer and business markets.
