Symple Loans, the Melbourne-based consumer personal lender, has announced a partnership with Qantas Frequent Flyer - the first such alliance between an airline and a fintech lender in Australia.
Under the new partnership, Symple’s customers can earn one Qantas point per $1 borrowed, up to 50,000 Qantas points, when approved for a personal loan.
The tie-up with Qantas Frequent Flyers forms part of Symple’s growth strategy aimed at meeting increased lending demand among Australians as the economy recovers from the Covid-driven downturn. Qantas Frequent Flyer benefits through being able to offer its members even more ways to earn points.
“At Symple, we are continuously looking for new and innovative ways to reinvent the personal lending experience and to offer Australians a better, faster, and more rewarding lending experience, said Bob Belan, the marketplace lender’s co-founder and chief executive.
“In addition to our market-leading interest rates and easy digital application process, our partnership with Qantas allows us to further differentiate Symple’s proposition and offer even more value to our customer base.
“We are very pleased to be partnering with Qantas - clearly a premium brand and category leader”.
Vast range of rewards
Qantas Loyalty chief executive Olivia Wirth said the partnership with Symple Loans along with their seamless digital experience would give members another way to earn Qantas points to redeem on not only flights but a vast range of rewards from hotels and holiday packages to retail offers via the Qantas rewards store.
“We’re always evolving and innovating to help our 13 million members earn even more points towards their next dream trip, whether it’s on their groceries, buying petrol, paying bills, or now, accessing personal loan services.”
The personal lending fintech launched in January 2019 to address what it saw as unnecessarily high interest rates being paid by credit-worthy Australians.
Tuesday’s announcement follows a $15 million Series D funding round announced in March which takes the total capital raised to date to more than $130 million in combined equity and debt.