MoneyMe, which until recently focused exclusively on small loan amounts between $200 and $5,000, has announced it will start lending up to $10,000 to Australians online.
The company is competing in the payday loan space, utilising customer profiling algorithms to reduce interest costs via risk-based pricing.
The start-up’s chief executive, Clayton Howes, said it has never been MoneyMe’s objective to remain in one segment of the lending market.
“From day one we envisaged using technology to revolutionise the way finance is delivered to the Millennial market across Australia,” Mr Howes said.
“This is a market that is rapidly achieving greater buying power, and one which has been largely responsible for driving change in a number of industries as a result of its insistence on personalised products that are accessible online, highly convenient, and delivered in a tech-based fashion.
“For this reason, all of our loan products are designed specifically to be personalised to the individual applicant, and accessible in minutes from the customer’s mobile phone, 24/7, wherever in the world they may be.”
With the launch of the $10,000 product, MoneyMe’s loan book now includes small loans between $200 and $2,000, medium-amount loans ranging from $2,001 to $5,000, and personal loans between $5,001 and $10,000.
[Related: DirectMoney inks $20m deal with major bank]