Qantas has partnered with Valiant Finance to launch a new platform that will allow the airline to refer its business frequent flyers in need of a cashflow boost to a panel of 80 lenders, which include major banks.
The deal with the Sydney-based fintech startup is geared towards helping Qantas boost revenue from its rewards program and assist clients financially impacted by the coronavirus crisis.
Qantas will embed Valiant’s new lending platform, called “Business Loan Selector,” into its frequent flyer website, granting members access to working capital, asset finance, and commercial loans. The airline will then receive a fee based on the number of loans it refers that will come from the commission Valiant gets from lenders.
Qantas will also be crediting up to 50,000 membership points for businesses with loans exceeding $15,000.
“Our members are keen to return to business as usual and we want to support them in every way we can,” said Olivia Wirth, chief executive officer of Qantas Loyalty . “Qantas Business Rewards grew by 25 per cent last financial year, so we know being rewarded for everyday business expenses and saving on costs is highly relevant to SMEs. And even more so in the current environment.”
Qantas Business Rewards, the airline’s frequent flyer program for SMEs, currently has about 320,000 members. The program’s revenue growth during the past financial year were mostly generated from fees its partners paid for referrals. Bringing Valiant’s SME lending platform into the program will pave the way for a new business opportunity for the airlines as a broker of loans.
“SMEs are the growth engine of the Australian economy and are absolutely vital to the country’s financial recovery from this pandemic,” said Alex Molloy, chief executive officer at Valiant. “Our platform solves a key problem for businesses – long, stressful applications and unexplained loan rejections, by using technology to closely match lenders to the needs of the business owners through one, intuitive digital process.”
