A new lender has entered the increasingly crowded marketplace and fintech lending sector, offering risk-based pricing and fast turnaround times on small business loan applications.Bigstone is a local company started by a team with plenty of banking experience. Chief executive Boyd Pederson has been a partner at Boston Consulting Group and a director of business banking transformation at Westpac. Chief technology officer Robert Morgan has worked at National Australia Bank, Commonwealth Bank and Bpay. And chief risk officer Marcus Koff has worked at ANZ, NAB and Banco Santander.Bigstone will lend up to A$250,000 for terms of up to 12 months. Loans are secured with a charge over the business and director guarantees but Bigstone will not take a mortgage or security over equipment.Bigstone went live last month and is currently processing a number of applications that will soon be listed on the company's website.Pederson said rates would range from eight per cent for the best credits to 24 per cent."According to our analysis of the market, a business loan with a 24 per cent interest rate has a four per cent probability of default," Pederson said.The company is a marketplace lender, open to investment by sophisticated investors, who will choose the loans they want in their portfolios.Pederson said he didn't accept that the market was crowded, saying there was room for new players offering a competitive advantage."The advantage of our platform is its speed and robustness, as well as the quality of or risk-based pricing model. The competitive advantage comes through the customer experience."I don't think it is a crowded market. There is a huge working capital gap that we are targeting."Bigstone is offering a partner program and has already signed up invoice finance company Interface Financial Group."We are channel agnostic. What we want is access to customers," Pederson said.