SocietyOne joins Westpac’s banking-as-a-service platform

by Mark Rosanes24 Feb 2021

Marketplace lender SocietyOne has become the second partner to join Westpac’s digital banking-as-a-service platform, 10X.

The tie-up follows a similar partnership Westpac sealed with Afterpay last October and allows SocietyOne 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.”

“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,” said Mark Jones, chief executive officer of SocietyOne.

Westpac is expected to roll out its digital banking services to SocietyOne customers in the second half of the year.

Macgregor Duncan, general manager of corporate and business development at Westpac, said the partnership provided a great opportunity to extend the bank’s reach to the all-digital generation.

“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,” said Duncan. “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.”

SocietyOne is considered among the leaders in Australia’s digital lending space, having originated more than $1bn in loans. Westpac has been backing the fintech company through its venture capital partnership Reinventure since 2014.

“We are especially pleased to be expanding our partnership with SocietyOne,” said Duncan. “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.”