Australia Post signs business lending tie-up with Valiant Finance
Australia Post has signed a partnership agreement with business loans firm, Valiant Finance, to provide financing across 3500 locations.
Through the tie-up, Australian businesses can access lending via the Australia Post website and in its post offices.
Australia Post has existing agreements with major banks to provide banking services through its Bank@Post programme.
These partnership brought the firm close to AUD 500 million ($364.4m) in revenue in 2019.
A notable exception is ANZ, which bore the brunt of customers’ ire after removing the post office banking option in January 2019.
ANZ refused to pay for the new “Community Representation Fee” Australia Post uses to make money from the deal.
Deanne Keetelaar, general manager of payments and financial services at Australia Post, says small businesses have a real need for access to finance.
In comments first reported by the Australian Financial Review, she says 400 post offices provided crucial support where banks had closed branches.
According to the company, 47% of Australians are aware they can use their post offices for deposits. Around three quarters know they can pay their bills there.
Valiant Finance hosts a lending panel featuring major Australian banks, but also a handful of smaller niche lenders.
Paul Barker, director of strategic partnerships at Valiant, says the partnership “further expands the product offering” at Post.
He adds it will give customers access to a “streamlined, digital-first customer experience” and access to “over 50 lenders”.
Valiant signed a similar agreement with airline company Qantas in September. Through it the airline can offer its frequent fliers personalised loan deals.