IT finance company, Moneytech, has added Simms International and ICT Distribution to its merchant ranks. The signings come on the back of a recent partnership with Synnex.
Moneytech managing director, Hugh Evans, said the three new additions were indicative of the company's rapid growth. It launched the DealerCard initiative for distributors and resellers via a pilot program less than two years ago.
"We estimate we have spent in excess of $3 million developing our systems thus far," he said.
"Now that we're up and running, we've identified about 125 distributors in the IT industry, with about 80 we'd like to target." Evans estimated it had already signed 60 of the 80 distributors on its list, including Alloys International and Tecksel. The remaining 45 had revenues of under $1 million per month and were not a short-term priority, Evans said.
About 200 resellers were now signing up per month, he said
For Simms, the Moneytech deal comes five months after it finalised its KH Distribution acquisition.
"We were approached by Moneytech to sign and had been toying with the idea for some time but it hadn't been on a list of priorities," managing director, Danny Moore, said. "There's little risk for the business to sign."
ICT Distribution managing director, Ben O'Leary, was positive about the relationship with Moneytech but declined to comment further. The distributor handles Telstra Next G mobile data applications, hardware and connectivity products.
"ICT has signed with us exclusively - it doesn't offer its own [credit] accounts to its resellers," Evans said. Moneytech isn't stopping with IT, either.
In the past six months it has also set up funding for healthcare (150 pharmacies are on-board), the adult entertainment industry, florists and food and beverage.