There are many so called "2nd and 3rd tier" lenders out there...

There are many so called "2nd and 3rd tier" lenders out there that have been doing these type of facilities for many years- Finance brokers use them for their clients who are hard to set with the majors and 2nd tier banks.
I suspect that ASIC have had these type of lenders in the "To Do" tray for some time. That is- we have to have a look at these lenders but don't have the resources to do so.
Having a high profile one go to IPO may have forced their hand to start asking more questions. There are other ASX listed companies offering this type of lending as part of their product offering.
Are they hoping to be the small business version of Afterpay?