NAB partners with fintech Plenti for secured auto/EVs and renewables lending
NAB has agreed to enter a strategic partnership with fintech lender Plenti Group Limited.
Under the partnership, NAB plans to launch a co-branded secured automotive and electric vehicle loan product. NAB and Plenti to also develop a proposition to provide customers access to select Plenti renewable energy finance offerings.
The strategic partnership combines NAB’s trusted brand and deep customer relationships with Plenti’s award-winning consumer finance experiences, efficiency and technology.
NAB’s Executive, Personal Everyday Banking Paul Riley said: “We’re excited to launch our first products with Plenti next year, and we look forward to working with Plenti to explore ways to expand the strategic partnership further.”
“The use of electric vehicles and environmentally sustainable products in the household is becoming more common in Australian homes and we’re keen to support our customers transition to a low emissions future.”
NAB has also entered an equity investment agreement, whereby NAB may acquire or subscribe for up to 15% of Plenti’s share capital over time, through market purchases or placements based on the achievement of certain milestones.
Plenti is an ASX listed Fintech Lender founded in 2014. Plenti has spent years building an integrated and seamless technology platform and customer experience, demonstrated by its consistent growth and award-winning proposition.
Daniel Foggo, Plenti’s Founder and Chief Executive Officer, said, “This strategic partnership makes sense – it brings together one of Australia’s largest and most trusted financial institutions with one of Australia’s most innovative and awarded financial technology companies.”
“Together we see an opportunity to better serve new and existing customers with car and renewable energy lending products and we’re excited about the potential for future expansion of the strategic partnership over time.”
“This strategic partnership is expected to have a meaningfully positive impact on Plenti’s growth and profitability in future years.”