Westpac forges digital banking alliance with SocietyOne

Westpac Group has added digital lender SocietyOne as the second fintech to operate on its banking-as-a-service platform.

Prior to SocietyOne, Westpac signed buy now, pay later player Afterpay in October last year.

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Westpac’s cloud-based digital banking platform enables fintech firms to integrate their digital banking services with customers mobile apps.

Westpac’s platform is built on core banking API offered by UK-based 10x Future Technologies. It allows the bank to provides white-labelled products to fintech firms and financial institutions.

Through this partnership, SocietyOne will be able to roll out transaction accounts for its 75,000 clients from the second half of this year.

SocietyOne CEO Mark Jones said: “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.”

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Launched in 2012, SocietyOne is a peer-to-peer lender in Australia which connects lenders and borrowers. It has originated $1bn in loans so far.

Its shareholders include News Corp, Seven West Media, Australian Capital Equity, Consolidated Press Holdings, EISS Super, G&C Mutual Bank and Reinventure Group.

Commenting on the partnership, Westpac GM of corporate and business development Macgregor Duncan said: “We are especially pleased to be expanding our partnership with SocietyOne.

“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.”