Major aggregator FAST has launched a “game-changing” white label asset finance product which is the first white label asset finance product to be backed by a major bank.
In partnership with Westpac, FAST has launched FAST Xpress for small-to-medium enterprise (SME) broker clients. It is available for purchases of up to $250,000 for existing Westpac business customers and $150,000 for new-to-bank customers, with 100% funding available.
The product also offers FAST brokers fixed income brokerage and online lodgement through Westpac’s Drive Online technology.
FAST CEO Brendan Wright said the launch expands on the aggregator’s current asset finance offering, which was introduced four years ago in order to enable FAST brokers to diversify revenue streams.
“Given as many as 40% of brokers’ existing clients are small business owners, FAST Xpress enables our brokers to meet their evolving clients’ needs and diversify their revenue streams more efficiently,” Wright said.
General manager of equipment & commercial introducers at Westpac, Greg Pell, said the launch follows a successful six-month pilot.
“FAST Xpress is a compelling cash flow tool which allows businesses to invest in important assets whilst preserving both their cash and capital. Fixed repayments also assist brokers’ clients to budget with certainty,” Pell said.
FAST is currently hosting broker accreditation sessions for FAST Xpress, with events taking place across the country throughout August.