MoneyPlace, Australiaâ€™s second fully licenced peer-to-peer (P2P) lender and Auswide Bank have entered into a significant strategic relationship and equity deal.
The long term relationship, the first of its kind in Australia, includes a 5 year deal to fund up to 60 million AUD to assist MoneyPlace to grow its consumer lending and for the bank to grow and
diversify its financing activities nationally. Additionally Auswide Bank is taking a 20 per cent equity stake in MoneyPlace.
MoneyPlace launched in October after receiving its retail and wholesale Australian Financial Services licence and provides loans of 5000 to 35,000 AUD through its peer-to-peer lending platform.
MoneyPlace CEO Stuart Stoyan said the relationship is a critical milestone for P2P lending globally and demonstrates how banks can work with P2P lenders to provide fairer, better rates
for all customers.
Auswide Bankâ€™s Managing Director, Martin Barrett and his team have put in considerable effort over the past couple of years to transform Auswide Bank, including a focus on digital,
improving customer experience and accelerating growth in consumer finance. Martin Barrett said the bank is keen to take a position in the emerging P2P space to assist its
growth in the consumer finance market and continue to improve its competitive positioning against the big 4 banks. ‘Weâ€™ve been impressed with the platform, skills and capability of MoneyPlace and are excited by the opportunities that will flow from this relationship. By taking a 20 per cent equity stake, as well as using the MoneyPlace platform to invest funds for consumer finance, both
organisations benefit and most importantly those customers requiring consumer finance benefit.’