Auswide Bank has signed a deal with Australian peer-to-peer (P2P) lending startup MoneyPlace that will offer the bank a 20% equity stake in the P2P startup.
Under the deal, Auswide Bank will also offer A$60m in funding over five years to help MoneyPlace boost its consumer lending business.
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The deal, the first of its kind in Australia, will also help Auswide Bank expand and diversify its financing activities nationally.
MoneyPlace CEO Stuart Stoyan said: "This is an exciting development for both companies and is an example of the type of collaboration we believe enables traditional lenders to tap into the innovative business models that alternative lenders like MoneyPlace bring to the market.
"In Auswide Bank we have a partner who is keen to take advantage of our low cost distribution channel to grow their consumer lending business and support their expansion into Melbourne and Sydney."
Launched in October 2015, MoneyPlace has secured a full retail and wholesale financial service licence.
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