MoneyPlace pivots to B2B
Fintech MoneyPlace - a personal loans specialist - is pushing into new markets as a white-label suppliers of personal loans for larger banks, including a handful of its funders.Stuart Stoyan, MoneyPlace's founder and CEO said "MoneyPlace are now able to share our personal loan platform with other lenders".Using the funky language of 'Lending as a Service' for the offering, Stoyan said clients other "can now white label our personal loan platform to provide personalised interest rates and great customer service to their borrowers while achieving significant cost savings and better meeting regulatory requirements."Founded in 2015 - early by Australian fintech standards - MoneyPlace has since early 2018 been wholly-owned by the Liberty Financial group and Liberty is already making use of these capabilities, Stoyan told Banking Day yesterday."Liberty has seen an uptick in its personal loan volume since launching MoneyPlace's white label offering, with MoneyPlace's team and technology providing the entire end-to-end service." Stoyan said MoneyPlace was in discussions with several other lenders about offering this service to support their customers in 2020."Over the past 12 months we've been approached by multiple lenders enquiring whether we'd be interested in helping out with their consumer lending business," Stoyan said.MoneyPlace, Stoyan said, "not only provides a superior customer experience, but better credit performance and a lower cost to serve".Stoyan said feedback from MoneyPlace's half dozen or so funders was that "the loans are better and the service is better".Liberty Financial will release their financial results for 2019 today.