Pintec Empowers Wagepay to Upgrade Digital Credit Services


Pintec Technology Holdings Limited (“Pintec”; NASDAQ: PT), a leading provider of financial technology solutions, today announced that its partner Wagepay Pty. Ltd. (Wagepay), an Australian Pay-on-Demand service provider, has recently launched its second generation mobile application and a completely redesigned and rebranded website. In partnership with Pintec, the premium wage advance platform has offered its services to more than 90,000 employed Australians over the past year.

Securing its footing within the fintech sector in 2020, Wagepay offers an industry-leading approach to pay-on-demand services within Australia. Positioning itself as an alternative to traditional payday loans and other forms of high-interest credit, the brand offers a complete ‘lifestyle product’ in which employed customers have access to necessary funds without the restriction of an employer-determined pay cycle.

Wagepay recently released an intuitive rebrand of their current mobile app, doubling its maximum wage advance credit limit to an industry-leading $2,000, and has added additional features including risk-based tiered pricing and proprietary bank scores based on bank transaction data. It has also announced today that the app will soon feature free access to credit score tracking and budgeting features to assist users in understanding their financial situation. This is on top of having lower fees than traditional small-amount lenders, as well as no credit checks.

The addition of the Gen2 mobile app and website reboot to the Wagepay brand has allowed the company to take a solid step towards reaching its long-term vision of revolutionising wage payment in Australia and beyond. According to Tony Chan, Wagepay’s Founder and CEO: “The second-generation app has allowed Wagepay to improve customer engagement and app useability. But more importantly, the introduction of tiered pricing on the back of 12 consecutive months of positive net transaction margin results, has set the foundation for Wagepay to better engage mainstream wage-earners. This is a true testament to Wagepay’s Machine Learning-based credit risk management capabilities.”

“The wage advance business model will revolutionize the way employees get paid and is fast becoming the preferred choice of more and more Australians. We are excited by the prospect of being able to apply Pintec’s efficient digital credit solutions to Wagepay’s business practices and help it continuously upgrade its service experience,” says Victor Li, Chief Executive Officer of Pintec. “Based on big data and AI-driven risk control modeling capabilities provided by Pintec, the premium wage advance platform can automatically perform KYC, bank flow analysis and real-time payment, provide customers with more efficient and lower cost digital credit services and further the advancement of financial inclusion in Australia.”


InfraRisk, Wagepay launch digital wage advance product to disrupt fintech market in Australia


InfraRisk Pty Ltd. (InfraRisk), a leading fintech solutions provider specialising in digital lending and risk management, today announced it has launched a Wage-on-Demand lending platform for Wagepay Pty. Ltd. (Wagepay) in Australia.

Wagepay is an Australian fintech startup that enables customers to immediately get a portion of their earned wage on demand. The product is powered by InfraRisk’s end-to-end and modularised digital lending platform that harnesses the power of big data analytics, artificial intelligence and machine learning technologies for real-time lending and risk management.

“Infrarisk is pleased to help Wagepay launch its product into the market in less than 8 weeks from inception, leveraging our mature technology platform and extensive finance experience across the world,” said Tony Chan, Vice President of InfraRisk. “By giving Wagepay the ability to leverage big data and AI enhanced risk models from day one, we strive to deliver unique competitive advantages for our customer over the competition.”

Wagepay is an alternative to traditional payday loans. Quite different from payday loans, it will be a lifestyle product to simply help people access what they have already earned at their fingertips, anywhere and anytime, and spend on anything they want – similar to buy now pay later, but with their own earned money and with any merchant

With Wagepay, applicants need only to take three easy steps to get their money on demand, at a quarter the cost of what payday lenders charge. They also do not have any late or default fees, and the whole online application process takes only 5 minutes.

Behind the game-changing business is a highly sophisticated digital lending platform delivered by InfraRisk, with risk management at the core of the whole lifecycle, and a streamlined process and data integration capability to automate KYC, bank statement analysis, and real-time payments.

“It is great to see InfraRisk deploy our digital lending platform to support another innovative business model. Whether it be a wage on demand product, or financial services around buy now pay later, consumer or commercial finance – our systems and business experience enable the sort of agile deployment and delivery of best practice in automation, big data analytics and AI that are essential for the success of financial institutions large and small, be that in Australia or across the globe,” said Nicholas Davies, founder and CEO of InfraRisk. “Our configurable and modular solutions have a proven ability to deliver highly automated, cost effective credit management capability in multiple segments and markets.”

Incorporated in November 2008 and headquartered in Melbourne, InfraRisk has over 10 years of experience in providing financial technologies to banks and financial institutions in AustraliaEuropeChina and across the Asia Pacific.