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.