Stacey Edmonds, Founder of ‘Creator of Dodgy or Not?’
Westpac’s $500 million female entrepreneurs fund will be expanded by another $500 million to $1 billion, to further address the challenges faced by women accessing finance to start or grow a business.
The commitment, launched two years ago, has just reached its $500 million target, supporting 1,155 women across a range of industries including retail, healthcare, hospitality and creative services.
Tamara Bryden, Westpac Managing Director, Business Lending, said: “I’m proud that we’ve helped more than a thousand women start or grow a business since launching the fund just two years ago.
“We know that female business leaders believe it’s harder for women to get finance than it is for men[1]. Having a fund dedicated to addressing this issue means it is always a priority for us.
“I think our bankers also understand the barriers that women face when starting a business, such as unconscious bias, which may discourage them from seeking finance. You can’t argue with the results we’re seeing and that helps change perceptions.
“We’re seeing some incredible new business ideas come to life led by super savvy, entrepreneurial women, who are challenging the status quo and bringing great ideas to the table.”
Westpac’s Women in Business research1 shows the entrepreneurial spirit of female business leaders in Australia. Nearly half (45%) of female SME business leaders have started a business from scratch, compared to 27% of their male counterparts.
Of the women surveyed:
- 94% of women view running their own business as a path to wealth and financial independence and 9 in 10 believe that the social impact of their business is as important as the economic impact
- 38% of female SME business leaders are creating jobs
- 30% are sponsoring local events
- 24% are investing in social causes.
Westpac’s efforts have not only provided financial support for female entrepreneurs but also simplified the lending process for all eligible start-ups and scale-up businesses. Now Start Ups can apply for funding with a sound business plan and budget projections[2].
This change has made it significantly easier for eligible early-stage businesses to access the necessary funds2.
Westpac customer case study
Business name: Lively a Learning Agency, Creator of Dodgy or Not?
Founder & Business Owner: Stacey Edmonds
Business Website: dodgyornot.com.au
Location: Sydney
Dodgy or Not? is an innovative gamified learning platform designed to enhance digital literacy and scam detection.
It teaches users to instinctively spot scams and cyber threats through experiential learning. The platform uses real scam data and behavioural science to create an engaging educational experience.
Co-founder Stacey Edmonds, a former teacher and Deloitte partner, leveraged her background in sociology, criminology, and technology to democratise learning and build this impactful tool.
With funding from Westpac, Dodgy or Not? launched a school program and new website, aiming to make scam awareness second nature for users globally.
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Notes:
[1] The research was commissioned by Westpac and conducted by Lonergan Research in October 2024 in accordance with the ISO 20252 standard. 1,010 Australian SME Business Leaders were surveyed throughout Australia including capital city and non-capital city areas. The survey was conducted online with data weighted to the latest population estimates sourced from the Australian Bureau of Statistics.
2 Terms & Conditions, fees & charges and eligibility and credit criteria apply.
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