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The two novated lease companies are to become part of a unified Paywise brand.
Salary packaging business Paywise has announced that it has integrated fellow COG Financial Services-owned brands Fleet Network and beCarWise under its brand name.
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The two brands will now become ‘powered by Paywise’.
The move follows ASX-listed COG’s acquisition of Paywise in 2023 through its novated leasing subsidiary business Fleet Network.
COG CEO Andrew Bennett said the unification of the three brands under one umbrella “makes strategic sense”, adding: “It means we have greatly enhanced our capacity to service novated leases and salary packaging products to government and private sector customers around Australia.”
According to COG, the group saw a 28 per cent growth in novated leases and a 24 per cent growth in salary packaging in the last financial year.
Paywise said that the move to consolidate the two sister companies enables it to take advantage of the increasing demand for electric vehicles and the growing novated leasing sector.
It will also benefit COG’s brokers, as it enhances their product offering, Paywise said.
Paywise CEO Frank Agostino called the integration “a natural progression”.
“Paywise has vast experience in offering salary packaging solutions across all industry sectors, while Fleet Network and beCarWise are leaders in novated leasing,” he said.
He later added: “Our aim has always been to make novated leasing and salary packaging easy and accessible for everyone.
“By bringing these respected brands into the Paywise fold, we are positioned to deliver even greater value to our clients. It also means we are even better positioned to assist COG’s broker network and their clients.”
According to Paywise, the electric vehicle fringe benefits tax (FBT) exemption has boosted awareness and take-up of novated leasing, with COG’s Bennett saying a “large number” of businesses and employees will become novated lease ‘converts’ long after the exemption has finished.
The move to bring Fleet Network and beCarWise under the Paywise brand follows a recent rebranding of Paywise, which now incorporates key elements from each company’s logo, such as the Fleet Network chevron and the beCarWise colours.
[Related: COG financed record volumes in FY24]
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