Personal lender MoneyMe has announced a partnership with aggregator Platform Finance to bring their new Autopay product to asset finance brokers across Australia.
MoneyMe’s new product can see auto finance loans approved in 60 minutes and has previously existed in the B2C space, but will now be available to Platform brokers.
“Autopay is a first in Australia,” CEO of MoneyMe Clayton Howes. “It enables the dealer or broker to be able to distribute finance with a borrower, who can drive their car away within 60 minutes.”
“It removes a whole bunch of middlemen processes and friction points and gives the dealer or the broker the ability to put a really good competitively priced product in somebody’s hand.”
“There’s no better partner to establish acceleration through sale or distribution to scale than Platform Finance. We’ve build a really good relationship with Platform Finance that gives their brokers the change to get an advantage by having autopay at their fingertips.”
“The commentary from both Platform Finance and dealers has been one of similar to how retailers were describing Afterpay, which that it is giving their business the opportunity to sell more. The convenience factor is something else.”
“For dealers, that’s been a common thread. Through our tech-based platform and AI, we can give the dealer 24/7 access to a platform that gives their customers finance immediately."
“People are walking into a dealer room, starting a very simple web-based process on their phones, going for a test drive and by the time they get back, they’ve clicked ‘yes’, have bought a car and are driving it away. The dealer has been paid within minutes of the transaction, security lodged and everything done.”
“That’s the power of innovation that MoneyMe is set to deliver. When we first launched, in the first six weeks we had originated a million bucks.”
“In 12 weeks, we’d originated $12m, and that pace gets even quicker. Now with Platform Finance, the step change in pace od expanding our reach and our growth is now something else.”
