FinTechs Afterpay, Ratesetter and Society One pick up Finnie awards
The winners of FinTech Australia’s inaugural Finnie Awards have been announced, with familiar names Afterpay, Ratesetter and SocietyOne among them.
The awards were handed out across 17 categories, including workplace diversity, insurtech and peer-to-peer lending, to recognise innovation and excellence in the FinTech space.
Afterpay’s “buy now, pay later” service, which has taken Australian shoppers by storm and changed the face of retail, took out the top gong as Australia’s FinTech Organisation of the Year. This award went to, “a fintech organisation that has demonstrated a commitment to innovation that assists Australian retail investors or consumers.”
RELATED: Afterpay launches app aimed at millennial shoppers
Online lender RateSetter was a finalist for the FinTech of the Year award, and also successfully took out two spots, for Excellence in both consumer and business lending. These awards were both focused on “outstanding B2B lending results through innovative yet stable, sustainable operations.”
Commenting on RateSetter’s win, the judges said that, “in a field replete with marketplace lenders as a vehicle for wholesale lenders, it is refreshing to see a peer-to-peer lender focussed on retail investment, with growth still occurring.”
SocietyOne, another online challenger to the big banks, won for Excellence in Peer-to-peer Lending. The award recognised a peer-to-peer platform that showed stringent security measures, a strong market reputation, ease of application and competitive interest rates and loan terms.
RELATED: Budget’s big bank levy could open the door for fintech lenders
Alternatives to the big banks, such as RateSetter and SocietyOne, consistently offer customers better value than the big banks.
For example, a borrower could snag an unsecured personal loan from SocietyOne with a rate of 7.88%. Mozo’s personal loan calculator shows that on a 3 year, $10,000 loan, this could save borrowers switching from the big banks over $1,000.
So if you’re after a personal loan, make sure you consider smaller lenders and innovative online platforms. You can compare the rates on offer from these lenders to those from traditional banks using our personal loan comparison tool.
* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
^See information about the Mozo Experts Choice Personal Loan Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.