Plenti and National Australia Bank launch ‘NAB powered by Plenti’ car and EV loans
ASX-listed fintech Plenti Group and National Australia Bank (NAB) have today announced that the first product under their strategic partnership, the ‘NAB powered by Plenti’ car and EV loans, has entered the second phase of its roll-out and is now available to NAB’s personal banking customers.
The launch of the ‘NAB powered by Plenti’ car and EV loans to NAB customers follows a period of restricted availability to NAB employees, during which the customer experience and underlying operations were further refined and enhanced. This next stage of the progressive roll-out represents an important milestone, with NAB’s significant existing customer base now able to access the product.
Plenti and NAB expect that volumes will be controlled at moderate levels over the next 6 months as the parties further iterate the product and improve the customer journey.
The ‘NAB powered by Plenti’ car and EV loans is the first product to be launched under the strategic partnership between Plenti and NAB announced in November 2023. Plenti and NAB concurrently entered into an equity investment agreement, which provides for NAB to acquire or subscribe for Plenti shares, based on the achievement of certain product milestones.
The launch to NAB’s existing customers represents the achievement of the product milestone required to open the two-month period in which NAB may exercise its rights in relation to Placement 1 of the equity investment agreement.
‘NAB powered by Plenti’ car and EV loans
Respective responsibilities for the ‘NAB powered by Plenti’ car and EV loans include:
- NAB performing marketing and promotion, drawing on its large personal banking customer base
- Plenti, via its proprietary technology platform, providing the loan application experience, credit assessment, loan settlement, and on-going loan and customer management
- Both parties providing an integrated customer experience underpinned by technology integrations that streamline application and servicing experiences for NAB customers and facilitate on-going customer and corporate reporting
- Loans will be funded by NAB as product issuer and held on NAB’s balance sheet, with credit risk borne by NAB. NAB’s credit and relevant policy settings will apply
Adam Bennett, CEO of Plenti, said, “Having now laid strong foundations across our technology and operational functions, we are excited to be moving into the next phase of our roll-out with NAB’s significant existing customer base. The quality of work delivered by both Plenti’s and NAB’s teams to date gives me great confidence that our ‘NAB powered by Plenti’ offering will become a market leader, and we remain very optimistic about the long term success of this opportunity.”
Tim Peters, Executive, Personal Lending Experience at NAB, said, “Following a successful launch to our colleagues across the bank we are pleased to now be offering the NAB Car Loan powered by Plenti to our personal banking customers. We feel confident that this new product will provide our customers with a fantastic experience and support them in financing their next car or EV.”
Household renewable energy referrals
Alongside the launch of the ‘NAB powered by Plenti’ car and EV loan, Plenti and NAB are also now progressing the design and development of the renewable energy solution finance referral program for NAB customers. Under the program, NAB referred customers will be provided access to selected Plenti installer partners to solicit quotes for the installation and financing of eligible household renewable energy systems. Plenti will be responsible for the provision of loan application experiences, credit underwriting, loan funding and settlement, and the ongoing management of the loan portfolio.
Release of 2Q25 trading update
Bennett added, “As we approach the end of our first half, it’s very pleasing to see Plenti achieve quarter on quarter growth in loan originations, whilst also seeing both credit losses and arrears decline from the end of the prior quarter. We look forward to releasing our quarterly trading update in the usual timeframe on 22 October 2024.”
