Brief: Australian Bank Auswide Offers Up $60M to P2P lender MoneyPlace & Takes 20% Stake

moneyplace-logo-mpOn Thursday, Queensland-based Auswide Bank announced it has offered $60 million in funding to peer-to-peer lender, MoneyPlace.

MoneyPlace, which was launched in October, provides loans of $5000 to $35,000 through its P2P platform. The new partnership between Auswide and MoneyPlace will have a 5-year deal to fund up to $60 million to assist the platform to grow its consumer lending.

CEO of MoneyPlace, Stuart Stoyan, noted that Auswide’s partnership is a major milestone for peer-to-peer lending globally and demonstrates how banks can work with lenders to provide fairer and better rates for all customers:

stuart-stoyan“This is an exciting development for both companies and is an example of the type of collaboration we believe enables traditional lenders to tap into the innovative business models that alternative lenders like MoneyPlace bring to the market.”

Auswide Bank’s managing director, Martin Barrett then added:

“We believe we are the first bank in Australia to take this dual equity and funding position. Technology is changing the market and we, through the right innovative partners, are keen to take advantage of the opportunities for growth it presents.”

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