SocietyOne launches transaction & savings accounts powered by Westpac

SYDNEY,June 6,2022 -- In its first major corporate milestone following its acquisition by MONEYME Ltd (ASX:MME),digital finance platform SocietyOne has launched transaction and savings accounts powered by Westpac's Banking-as-a-Service (BaaS).

Clayton Howes,Managing Director and CEO of MONEYME

SocietyOne is Westpac's second partner to launch products through its BaaS platform with two new additions to its product offering: the 'SpendOne' transaction account and 'SaveOne' savings account.

These new products form part of SocietyOne's innovation designed to help Australians create better daily financial habits and connection with the brand beyond their credit needs.

SpendOneis an everyday transaction account,launching with zero account keeping or transaction fees. It has a round-up feature that allows customers to nominate an amount to round up everyday transactions to,with the round-up amount automatically going to their SaveOne account.

The SpendOne account comes with features customers expect,including a debit card to tap or swipe in-store and shop online. And the ability to transfer money between their accounts,make fast payments and withdraw cash from ATMs.

SaveOneis a savings account earning an impressive 1 percent per annum,which is acompetitive interest rate. It has a flexible auto-save option that allows a percentage of any deposit into a SpendOne account to be automatically transferred to the customer's SaveOne account,helping them to incrementally improve their savings.

SpendOne and SaveOne will be available to all eligible Australians over 18 years old,with current SocietyOne customers being the focus of the initial launch.

Customers can open and access both the SpendOne and SaveOne accounts via the new SocietyOne app,which can be downloaded on theApp StoreandGoogle Play.

The app gives customers 24/7 visibility over their transactions and allows them to take out a SocietyOne loan,set up automatic repayments,and access their credit score all from their smartphone.

The BaaS product launch follows a recent strategic decision to be acquired by ASX-listed consumer lender MONEYME,creating an impressive $1.2b loan book (at 31 March 2022) and a significantly increased customer base for the combined entity.

The move is aimed to fast-track the MONEYME Group's goal of becoming Australia's largest non-bank credit provider.

Clayton Howes,Managing Director and CEO of MONEYME,said:"Transaction and savings accounts are an exciting addition to our offering under the SocietyOne brand. The launch strongly aligns with MONEYME's diversification strategy and our focus on delivering leading digital-first experiences to empower Generation Now.

"The SpendOne and SaveOne accounts are designed to automate good financial habits,giving customers more freedom,flexibility,and a one-stop shop to manage their money."

Jonathan Chan,COO of MONEYME,said:"The BaaS-powered SpendOne and SaveOne accounts contribute to our long-term mission of empowering ambitious Australians through a broad range of products,so they can achieve their financial goals faster.

"Adding these products creates a frictionless experience for SocietyOne customers,who can now monitor and manage everyday transactions,savings,SocietyOne personal loans,and their credit score,all in one app. With easy oversight and automated features to help customers save more,it provides increased control over their finances."

Damien MacRae,CEO of Westpac Banking as a Service,said:"Westpac is proud to bring digital banking through its Australian-first cloud native technology to SocietyOne's customers to help them manage their finances,their way,and in the palm of their hand.

"Allowing SocietyOne to offer its Australian customers access to innovative digital banking,underpinned by Westpac's strengths of safety,security and trust.

Embedded finance is a growing market,and this partnership is a significant opportunity for Westpac to reach new customers."

About SocietyOne

SocietyOne (www.societyone.com.au) is a wholly owned subsidiary of ASX-listed MONEYME Ltd (ASX:MME),since being acquired by the Group in March 2022. Its award-winning digital finance platform has provided over $1 billion in total lending and helped over 35,000 borrowers since 2012. Its broker distribution channel has driven over $70 million in loan originations since its launch in 2019.SocietyOne offers fixed rate secured and unsecured personal loans,and a free credit score product which helps customers understand and improve their score through clear and simple insights. The latest addition to SocietyOne's product range is its BaaS-powered transaction and savings accounts,SpendOne and SaveOne.SocietyOne has also received numerous tier-1 awards,including placing in the AFR's Top Most Innovative Companies list successive years,winning Deloitte Fast 500 (APAC),listing in KPMG and H2 Venture's Global Top 100 FinTechs,and receiving multiple product categories awards from Canstar and Product Review.About the MONEYME Group

The MONEYME Group is a leading FinTech disruptor on course to become Australia's #1 non-bank credit provider.

With a focus on innovation,we fund ambitious Australians with market-leading speed and seamless customer experiences. Leveraging AI and advanced,cloud-based technology,we offer highly automated credit products across personal,auto and real estate finance.

The Group's core brands MONEYME (www.moneyme.com.au) and SocietyOne (www.societyone.com.au) reflect digital-first experiences that meet,and exceed,the expectations of 'Generation Now'.

MONEYME Ltd (the 'Group') is an ASX-listed,licensed,and regulated credit provider operating in Australia.

About Westpac Banking as a Service

Banking as a Service is Westpac's award-winning,digital-only banking platform that complements the Group's existing banking businesses. It supports new digital products and services to be brought to market through fintech and institutional partners and allows Westpac to reach a new group of customers as well as create value for our partners. Westpac handles the banking products and partners use their brand to enhance the customer experience.

Westpac Banking as a Service has recently been recognised at the IDC Innovation Awards for "Asia's Best in Infrastructure Modernisation" category and has also been shortlisted in the upcoming iTnews Benchmark Awards and The Australian Financial Review BOSS Innovation Awards.