Westpac and SocietyOne announce new partnership for digital banking
23 February 2021
Westpac Group has announced SocietyOne as the second partner to join its new digital banking-as-a-service platform. SocietyOne is a fintech leader in digital lending in Australia having originated over $1 billion in loans.
The move to partner with Westpac forms part of SocietyOne’s growth strategy to provide a broader range of market leading financial products and services, including the launch of a transaction account to help its 75,000 customers improve their finances.
The announcement also highlights the growing opportunity for Westpac as institutional and fintech partners look to integrate digital banking services with their customer mobile apps and follows the Group’s Afterpay partnership announcement in October 2020.
Westpac’s digital banking platform is the first of its kind in Australia, using cloud-native technology to support the banking needs of an all-digital generation.
Westpac’s General Manager, Corporate and Business Development, Macgregor Duncan, said it is an exciting long-term growth opportunity for Westpac, allowing the bank to reach new customers through a low-cost operating and distribution model, grow valuable deposit balances and, over time, expand its offer to lending and data services.
“We recognise that Australians are looking for new and different ways to do their banking and by partnering with established brands and leveraging our combined data resources, we can provide better, more personal experiences for customers,” Mr Duncan said.
SocietyOne CEO, Mark Jones, said: “With the launch of the SocietyOne app, customers will be able to access their credit score for free, apply for a SocietyOne loan and manage their existing loans, as well as deposit, withdraw, and transfer money from and within the new transaction account powered by Westpac’s digital platform.
“This move forms part of our long-term strategy to build a range of financial products that will help empower and educate our customers and assist them to achieve their goals faster,” Mr Jones said.
Westpac’s digital banking services will be available to SocietyOne customers in the second half of 2021. Reinventure, Westpac’s venture capital partnership, has been an investor in SocietyOne since February 2014.
“We are especially pleased to be expanding our partnership with SocietyOne. SocietyOne is an established digital brand with a strong referral network which generates over 80,000 unique monthly website visits. We see an opportunity to work with SocietyOne to broaden its appeal to Australians through innovative and integrated banking and lending services,” Mr Duncan said.
- Founded in August 2012, SocietyOne was the first consumer marketplace lender to offer risk-based pricing.
- Backed by a diverse group of shareholders, including NewsCorp, Seven West Media, Australian Capital Equity, Consolidated Press Holdings, Reinventure Group, EISS Super and G&C Mutual Bank.
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