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Wisr secures financial wellness distribution agreement

Marketplace lender Wisr has partnered with employee management company Smartgroup to extend the distribution of the lender’s financial wellness products to workforces across Australia.

The two ASX-listed enterprises have signed a three-year agreement that will extend Wisr’s financial wellness offerings being distributed via Smartgroup channels.

Last year, the fintech lender launched its Wisr@Work wellness program that provides businesses with online tools, educational materials and debt reduction applications for their employees.

The program, which aims to help employees “take control of their money and improve financial wellness”, can provide users with a better understanding of their financial position and creditworthiness and offers customisable debt reduction smartphone apps that can automatically pay down credit card and loan debt.

The unsecured finance lender launched the program after it surveyed 250 Australians and found that 48 per cent of employees experience stress in their workplace because of their personal financial situation. 

To distribute its financial wellness programs more broadly, the lender has now partnered with Smartgroup, which caters to approximately 4,000 employer clients who collectively employ over 1 million employees.

Anthony Nantes, the CEO of Wisr, commented: “We are pleased to announce such an important partnership arrangement that has the potential to significantly increase the reach of the financial wellness offering that Wisr currently delivers to market and is a fantastic proof point for the Wisr@Work program we have previously announced to market.” 

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Mr Nantes believes Smartgroup to be an “innovative company” and that the two companies share “aligned” values, making the partnership a logical fit.

“It is this aligned ethos that we think makes us fantastic partners, and together we will be able to deliver a truly unique range of solutions to market,” he said.

Deven Billimoria, director and CEO of Smartgroup, shared a similar sentiment, stating: “Wisr has a compelling new offering that we are interested in introducing to our clients and customers. We've been impressed by their enthusiastic and proactive approach and look forward to working with them over the coming years.”

[Related: Lender launches financial wellness program]

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