“The company started as a peer-to-peer lender, which is a really interesting model, a really great model actually, an idea that says let’s use technology to bring capital and borrowers together in a really more efficient way,” Nantes says.
He continues, “we looked at the market, we looked globally at how these companies are performing, what we saw is that it’s actually a bit of a limiting model. So we took a bigger focus, a bigger vision, around financial wellness for all Australians.
“We’re still doing our core personal loan product, a real bank-style product; but actually then expanding on that, offering more services, more products, focusing on what we do well which is tech, and really putting the customer’s financial wellness at the centre of everything we do. And that’s become that neo-lender model that we now talk about.”