A Sydney-based fintech provider is set to take on the retail banking sector following its joint venture with a non-major lender.
Goldfields Money announced in an ASX statement it has entered into a joint venture with Mooola to further progress its digital banking transformation.
Under the agreement, Mooola will provide technical services and advice to Goldfields Money to enable it to develop a digital software platform for its financial products, as well as develop “innovative” retail banking applications.
In return, Goldfields Money will provide core banking and financial products to Mooola’s customers under the fintech provider’s own retail brand.
Goldfields Money said the partnership will enable Mooola to launch its “disruptive” retail banking proposition to the market later this year.
The joint venture will also help the lender attract a new customer demographic, with the Mooola proposition targeted at Generation Y.
“New customers who come to Goldfields Money via the Mooola platform will also benefit from the Australian Government Deposit Guarantee Scheme,” Goldfields Money said.
“The joint venture will also assist Goldfields Money to expand its national distribution footprint.”
Goldfields Money CEO Simon Lyons said the group is delighted to enter the joint venture arrangement with Mooola.
“We believe this will be unique. The distribution of [the] core banking product model we have agreed with Mooola represents a model we hope to replicate with other distribution partners, ideally using technology developed by Mooola that is licensed to distribution partners of Goldfields.”