Westpac teams up with lending fintech SocietyOne for digital banking play

One of Australia’s original fintechs, SocietyOne, the peer-to-peer lending marketplace, has joined Afterpay on Westpac’s new digital banking services platform, 10X.

Westpac’s digital banking services will be available to SocietyOne customers in the second half of 2021, and the bank has been backing the fintech since 2014 through its VC fund, Reinventure.

In October last year, the bank announced a deal with Afterpay offering the BNPL’s customers savings accounts and cash flow tools kick off to kick off Westpac’s cloud-based digital banking platform, 10X, as the big four bank looks to attract the digital native generation by integrating digital banking services with the mobile apps of partner fintechs.

SocietyOne CEO Mark Jones said the partnership was part of the fintech’s long-term strategy to build a range of financial products to its 75,000 customers. The launch includes a transaction account.

“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,” he said.

Westpac’s general manager, corporate and business development, Macgregor Duncan, said the deal allowing the bank to reach new customers through a low-cost operating and distribution model, grow valuable deposit balances and, over time, expand the offer to lending and data services.

“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,” he said.

“We see an opportunity to work with SocietyOne to broaden its appeal to Australians through innovative and integrated banking and lending services.”

SocietyOne has been backed by leading Australian media companies including News Corp, Seven West Media, and Consolidated Press Holdings, as well as Australian Capital Equity, Reinventure Group, EISS Super and G&C Mutual Bank.