MoneyMe to expand Autopay to include personal lending

by Mike Wood21 Oct 2021

Emerging fintech lender MoneyMe is to expand its offering by expanding its Autopay product to include personal loans.

Autopay has been very popular among automotive brokers, as it allows them to get car finance deals done in a matter of minutes, and MoneyMe is to now roll out a version of the product for all kinds of personal loan financing.

The strength of Autopay as a product was recently reflected in MoneyMe’s ASX Q1 update, which showed how the lender had smashed through $1bn in total originations. Autopay itself saw $25m in originations in its first 5 months of operation.

“What we’ve created with Autopay is a fundamentally empowering experience for both the broker and the customer. It enables the broker to do, effectively, less work, and give the customer a better experience and an optimised rate with stacks more flexibility,” said CEO Clayton Howes.

“We’ve now transferred that over, and in a couple of weeks’ time, will be launching our personal loan to broker model. That enables the broker to use MoneyMe to provide their clients with a much superior experience: they get cracking rates and a chance to give their customers access to personal loans.”

“It’s just the beginning for us. What we’ve seen from Autopay’s accelerated take up is something that we expect brokers to follow into with personal lending.”

“We’re primed for it. We’ve got more capital, our tech has improved dramatically and the number of customers that we have in play has quadrupled. This is a good time to give brokers the opportunity to enjoy the experience that MoneyMe has to offer. We’re pretty excited.”

“Our business has grown 283% year on year. It’s phenomenal. The take up of MoneyMe services in the industry is unrivalled. We’ve never provided the service to brokers, it’s largely been direct to customers and through Autopay, which has allowed brokers to use MoneyMe to finance cars.”

“Now, we’ve got the exact same technology solution that will give brokers really seamless access, to give their customers more and richer experiences, which means more money for them. They’re getting customer outcomes really quickly.”