The Australian Retail Credit Association (ARCA) has welcomed peer-to-peer (P2P) lender MoneyPlace as its newest member.
MoneyPlace is the second P2P lender to join ARCA as a tier-four member – a new category designed for smaller and emerging credit providers – following RateSetter in September.
ARCA chief executive Damian Paull said MoneyPlace’s decision to join the association confirmed that P2P and other alternative lenders were a growing part of the consumer retail credit industry.
“We’re pleased to welcome MoneyPlace to ARCA’s growing membership, which is expanding to better represent the broader participants in the credit reporting system,” he said.
“The move to comprehensive credit data sharing will lead to more high-quality and diverse credit information in the credit reporting system, further fuelling the growth in technology-powered alternative lenders, including peer-to-peer (marketplace) lenders."
Mr Paull said it is an exciting time to innovate and improve the credit reporting system for the benefit of the industry and consumers.
“We look forward to MoneyPlace adding their dynamic voice in developing solutions to challenges facing the credit industry.”
MoneyPlace CEO Stuart Stoyan said the P2P lender is a group of like-minded, energetic people who believe that personal lending in Australia is ripe for disruption.
“We want to ensure our voice, and the voice of our customers, has a seat at the industry table,” he said.
MoneyPlace chief risk officer Paul Abbey said MoneyPlace is excited to be contributing comprehensive credit reporting data that will highlight good repayment behaviour by consumers and provide access to low interest rates for people with an excellent credit file.
“We also fully support the ongoing education of Australians around how their credit file works, how it can work for them and the responsible use of credit,” he added.