Consumer fintech startup, MoneyMe, has announced it’s launch into what they’re calling ‘MoneyMe 2.0’, with the release of a new $10,000 loan product, expanding it’s portfolio of all-purpose consumer loan products designed for the tech- savvy, convenience-driven millennial market.
The product expansion signals MoneyMe’s transition from being a simple small loans provider, to a diversified consumer lending fintech driven by an advanced in-house technology platform that automates loan application approvals and reduces interest costs through intelligent customer profiling algorithms.
“MoneyMe’s ultimate objective has never been to remain in one segment of the lending market, rather from day one we envisaged using technology to revolutionise the way finance is delivered to the millennial market across Australia,” said Clayton Howes, CEO of MoneyMe.
“This is a market that is rapidly achieving greater buying power, and one which has been largely responsible for driving change in a number of industries as a result of its insistence on personalised products that are accessible online, highly convenient, and delivered in a tech-based fashion.
“For this reason, all of our loan products are designed specifically to be personalised to the individual applicant, and accessible in minutes from the customer’s mobile phone, 24/7, wherever in the world they may be.”
With the launch of the $10k product, MoneyMe’s loan book now includes small amount loans (SACCs) between $200 and $2000, medium amount loans (MACCs) between $2001 and $5000, and personal loans between $5001 and $10,000.
All loans are also accessible on the MoneyMe Express Visa Card, a prepaid card that eliminates the need to be exposed to the ongoing interest fees and hidden charges that can arise when using a credit card as a result of credit card company’s reliance on revenue streams generated by deferred repayment.
MoneyMe has changed its tagline from “Small loans, your way” to “Your money, your way” to better reflect this new diversified loan offering, which is just one component of an aggressive growth strategy being rolled out by its umbrella company, MoneyMe Financial Group, with plans to launch a series of purpose-built niche financial products throughout 2016 and 2017 to provide alternatives to the one-size-fits-all products of traditional lenders.
“The extension of our offering to include $10k loans is just one component of a multi-faceted, long-term strategy to transform lending in Australia through the use of fintech,” continued Clayton Howes.
“The winners of this expansion will be Australian consumers, who will increasingly benefit from a greater range of financial options tailored to their unique financial needs, creditworthiness, and lifestyle,” concluded Clayton Howes.
