Original article by James Eyers
The Australian Financial Review – Page: 15 & 28 : 12-Jun-18
Westpac has terminated a referral arrangement with fintech Prospa that it established in 2015. The arrangement saw Westpac refer customers that did not meet its lending criteria to Prospa; it is understood that not many referrals had been made under the agreement. The ending of the agreement is seen as being prompted by Westpac’s desire to increase the amount of unsecured loans it makes to small businesses, and comes after Prospa postponed plans to list on the Australian sharemarket.
WESTPAC BANKING CORPORATION – ASX WBC, PROSPA GROUP LIMITED ASX PGL, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MYOB GROUP LIMITED – ASX MYO, LIBERTY FINANCE PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, FINTECH AUSTRALIA PTY LTD, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN