ASX-listed DirectMoney has announced two new partnerships that it says will strengthen its credit processes and further extend its offering in the personal lending space.
The marketplace lender has formed a strategic partnership with risk management group The Risk Board to strengthen and streamline its credit assessment and loan approval process.
DirectMoney chief operating officer Peter Beaumont said the lender recognises the competitive necessity of having a robust, sustainable and efficient credit assessment process.
“With loan volumes expected to increase as a result of partnerships with broker aggregators, our team are thrilled to be working with such an experienced team as The Risk Board to further strengthen these critical processes,” he said.
The lender has also entered a broking arrangement with Presidian, which provides finance, warranty and insurance products specialising in the used-vehicle sector.
In an ASX statement, DirectMoney said the new arrangement is “significant” as it further extends the reach of its business model to a new group of personal loan borrowers.
DirectMoney said the arrangement will also enable Presidian, through its broker group subsidiary National Finance Choice, the opportunity to further support and expand its client base by delivering unsecured loans through the lender’s platform.
Stephen Porges, executive chairman of DirectMoney and former CEO of Aussie Home Loans, said the new partnership with Presidian highlights the value of the lender’s simple and efficient personal loan product.
“We are confident in our ability to add value to our partners via our focus on this dedicated partner channel,” he said.
“We very much look forward to working with Presidian through their National Finance Choice team, who are clear leaders in their field.”
The two new agreements come after DirectMoney announced strategic partnerships with Loan Market and Finsure last month.