ICYMI: Hay launches HayPay, Revolut obtains AFSL and Volt delays loans

Tom Watson

27 May 2020

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It’s been another busy month for Australia’s neobanks and fintechs, with Xinja cutting its Stash account and 86 400 slashing home loan rates. And there have been even more major announcements in the past week, so in case they passed you by, here’s a quick recap.

HayPay hits the Hay app

Sydney-based fintech Hay released its own in-app transfer feature, called HayPay, late last week which allows Hay users to instantly transfer money to each other without a BSB number, account number or even PayID.

Along with a new forum for its early adopters, HayPay is the latest major feature to be rolled out by the fintech which has now taken on close to 5,000 ‘founding members’ since its launch in February. 

While Hay was in the process of transitioning to a fully-fledged neobank, it’s unclear whether it was impacted by APRA’s decision in April to temporarily suspend new banking licences for at least six months. 

Revolut granted AFSL

Speaking of licences, UK-based fintech giant Revolut now has one of its own ... in Australia. 

In an email sent out to users on Friday, Revolut announced that it had recently obtained its own Australian Financial Services Licence (ASFL) after previously having been granted an exemption by ASIC until June 1 this year. 

According to Revolut the change won’t make much of a practical difference for customers though, who will still be able to use their accounts as per normal. 

Volt announces loan delay

It’s hard to believe that it’s only been a little over three months since Volt Bank first started onboarding customers to its savings account, and next off the production line was supposed to be Volt’s vision of a ‘personal lending’ product. 

However, like so many other plans, COVID-19 got in the way. 

In an interview last week with the Australian Financial Review, Volt Bank CEO, Steve Weston, revealed that instead of focusing on the launch of a personal lending product, the neobank will instead pivot towards trying to launch home loans before the end of the year. 

Business loans and personal loans will likely follow somewhere later down the line.   

RELATED: ICYMI: Neobanks 86 400 and Xinja secure funding injections, Douugh to hit ASX

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