- Shares in buy now, pay later giant Afterpay (APT) hit triple figures today after the company disclosed it was teaming up with banking stalwart Westpac (WBC)
- Both ASX 200-listers will work together to create a new consumer savings account, which will allow Afterpay customers to control their budget and manage their spending
- The account will work off Westpac’s new digital bank-as-a-service platform
- Linking this new service to Afterpay accounts will give further insight into how customers manage their finances and what are their savings goals are
- Afterpay and Westpac will launch this service in the second quarter of 2021
- On the market this afternoon, Afterpay is up 5.71 per cent, trading for $103.11 per share, while Westpac is down 0.53 per cent, trading at $18.68 each
Shares in buy now, pay later giant Afterpay (APT) hit triple figures today after the company disclosed it was teaming up with banking stalwart Westpac (WBC).
Both ASX 200-listers will work together to create a new consumer savings account, which will allow Afterpay customers to control their budget and manage their spending.
The new money management service will help Afterpay users access an efficient and seamless digital user experience using Westpac’s new digital bank-as-a-service platform.
Customers can use their new savings accounts to manage their spending, pay bills, withdraw cash and plan their budget. Additionally, further tools will be introduced over time.
Linking this new service to Afterpay accounts will give further insight into how customers manage their finances and what are their savings goals are.
The finance businesses will launch this new platform in the second quarter of 2021.
Westpac CEO, Peter King, is pleased to offer its platform to one of “Australia’s most prolific fintech innovations.”
“This collaboration reflects our strategy to meet the changing needs of customers and demonstrates our desire to partner with differentiated business models that provide alternative ways for consumers to spend and manage their finances,” he said.
“We look forward to launching our platform in the second quarter with Afterpay and will continue to work together to identify ways in which our partnership can add further value to consumers,” he added.
Afterpay CEO and Managing Director, Anthony Eisen, is excited to leverage Westpac’s platform to provide customers with a different way to manage finances.
“In deepening our relationship with our customers we will gather greater insights into how they prefer to manage their finances and better understand their savings goals. This will allow us to assist them to budget more effectively and avoid debt traps,” he told the market.
“We applaud Westpac’s foresight in curating this innovative digital platform and welcome their desire to partner with Afterpay to meet the changing needs of a powerful next generation of customers,” he added.
On the market this afternoon, Afterpay is up 5.71 per cent and is trading for $103.11 per share, while Westpac is down 0.53 per cent, trading at $18.68 each at 12:44 pm AEDT.