Alex Bank partners with Platform Finance to offer its Personal Loan product through broker networks

16 December 2021

Alex Bank, Australia’s most awarded new bank, today announced its first partnership agreement with the award-winning asset finance aggregator Platform Finance, a subsidiary of the ASX-listed COG Financial Services Limited (ASX: COX). Alex, whose mission is to make banking simpler for Australians, is planning to work with a select group of high-quality broker and aggregator businesses over the coming months to offer its award-winning no-fuss personal loans.

Chief Executive Officer and Co‐Founder of Alex, Simon Beitz, said, “We are delighted to be working with Platform Finance as their extensive network of specialist asset finance and personal loan brokers have a comprehensive knowledge of the market.”

“By partnering with Platform Finance to make our personal loans available through brokers, we will be able to bring our market leading rates for unsecured personal loans to even more Australians, whose credit needs have been forgotten by the big banks.”

Platform Finance is Australia’s leading asset finance services partners, with a high-quality panel of more than 40 lenders, and over 20 years-experience as an aggregator. Its extensive network, unrivalled processing support, and advanced CRM systems will help to drive expansion of Alex’s personal loan offerings.

Director of Aggregation and Strategic Partnerships at Platform Finance, Damian Mantini, said, “Platform Finance prides itself on providing our partners with the most complete and innovative lender panel in the market. We were attracted to Alex Bank given their fresh approach and their focus on high quality partners and customers. We expect Alex’s product will provide a new source of opportunities for our partners with their prime-rated customers”.

Alex Bank distributes its risk-assessed personal loans of up to $30,000 via brokers and digital channels, with customers able to apply in just three minutes, and if approved, qualify for the funds within hours. Since receiving its restricted banking licence from APRA in July 2021, Alex Bank has focused on accelerating the growth of its loan book.

Alex Bank is working hard to obtain its full banking licence, and intends to expand its product offerings in the coming year. In September 2021, Alex Bank successfully completed a $20 million capital raising to support its growth strategy, which includes broadening its market to small businesses and offering new products such as digital overdrafts and terms deposits in 2022. Since its launch, Alex has become Australia’s most awarded new bank, picking up eight awards including a five-star rating from Canstar and Money Magazine’s Non-Bank Personal Lender of the Year award.

For media inquiries, please contact:
Caroline Raffan
Senior Manager, Marketing & Communications, Alex Bank
T: 0409 914 614 / E: caroline.raffan@alex.com