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An ASX-listed lender has partnered with Platform Finance to provide brokers with access to its car finance solution.
Digital credit provider MoneyMe has signed a deal with asset finance aggregator Platform Finance to bring its Autopay vehicle financing solution to brokers through a broker portal.
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Under the partnership, brokers who use with Platform Finance – which is part of the ASX-listed COG Financial Services Ltd – will be able to access Autopay, which uses the proprietary Horizon technology platform to provide real-time automated decisioning to reportedly approve and settle auto finance within 60 minutes.
The launch of the broker portal has followed a pilot with dealers, which found that the average time taken for an application to be submitted to approval and settlement was under one hour in most cases, according to MoneyMe.
The Autopay partnership with Platform Finance will launch this month.
Commenting on the partnership, MoneyMe CEO Clayton Howes said: “As a market leader in asset finance, Platform Finance is a great partner for us.
“They have a very good reputation and strong relationships with brokers as well as a track record of billions in loan originations. We know brokers will love the Autopay product and the benefits it brings their clients.”
Mr Howes added that the industry has been undergoing structural changes that have not been seen in the last two decades, and that brokers are in a position to capitalise on Autopay.
“It uses market-leading speed and capability to disrupt current vehicle finance processes, fixing everything that was broken about auto finance and allowing brokers to bring the immediate finance benefits of Autopay to their clients,” he said.
Platform Finance director of aggregation and strategic partnerships Damian Mantini commented that the partnership with MoneyMe would allow its brokers access to Autopay to enable clients to access “competitive finance” on asset purchases.
He said: “Autopay unlocks a new opportunity for brokers to get finance approved and settled on the weekend, which will add another level of service when assisting clients.”
MoneyMe provides personal loans, revolving credit accounts and at-point-of-sale retail products for credit approved customers.
[Related: Platform Finance launches BID-compliant CRM]
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