New bank Alex signs its first partnership

  • By Zilla Efrat

Banking newcomer, Alex Bank, has inked its first partnership with the asset finance aggregator Platform Finance, a subsidiary of the ASX-listed COG Financial Services.

The deal forms part of Alex’s plans to work with a select group of high-quality broker and aggregator businesses over the coming months to offer risk-assessed personal loans of up to $50,000.

The digital bank’s customers can apply in just three minutes and if approved, qualify for the funds within hours.

“We are delighted to be working with Platform Finance as its extensive network of specialist asset finance and personal loan brokers have a comprehensive knowledge of the market,” says Alex Bank’s CEO and co‐founder, Simon Beitz.

Platform Finance has a high-quality panel of more than 40 lenders and over 20 years of experience as an aggregator.

“Platform Finance prides itself on providing our partners with the most complete and innovative lender panel in the market,” says Damian Mantini, director of aggregation and strategic partnerships at Platform Finance.

“We were attracted to Alex Bank given its fresh approach and focus on high-quality partners and customers. We expect Alex’s product will provide a new source of opportunities for our partners with their prime-rated customers.”

Since receiving its restricted banking licence from the Australian Prudential Regulation Authority in July 2021, Alex has focused on accelerating the growth of its loan book.

According to a media release, Alex is working hard to obtain its full banking licence and intends to expand its product offerings in the coming year.

In September, Alex successfully completed a $20 million capital raising to support its growth strategy, which includes broadening its market to small businesses and offering new products such as digital overdrafts and terms deposits in 2022.