Fintech lender branches into broker channel

Fintech lender MoneyMe is in the process of expanding its broker model to bring in greater loan volumes for its personal lending products.

In an interview with Australian Broker, MoneyMe CEO Clayton Howes, said that brokers present a particularly strong channel proposition which he hoped could be leveraged to reach a mass audience.

“We look to brokers to provide the sharpest rates in town. How we see it is brokers are able to navigate through the noise of what’s available with the different institutions and provide a feel for a competitive rate. Those are the guys we’d like to partner with to distribute our product.”

Expansion into the broker channel for personal loan products is a “now thing” for MoneyMe, Howes said, with the firm already signing up a couple of brokers.

“They’re forming quite a significant part of our makeup of our acquisitions already. These brokers are already bringing in about 10% of our volume. We’re anticipating that we’ll need a few more to get to the 40% mark that comes through brokers.”

Brokers are also a massive opportunity to distribute MoneyMe’s loans without having to compete with the brand presence of the big four banks.

MoneyMe will offer brokers “generous commissions” or a “shared value,” Howes said.

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Source: Fintech lender branches into broker channel – Australian Broker