Life insurer and initial public offering candidate NobleOak expects to have $172.1 million in in-force premiums and report a $6 million profit in its first year as an ASX-listed company.
Mortgage Business
Volt to power credit decisioning for AFG Securities By Annie Kane 07 June 2021
The neobank has entered into a strategic alliance with aggregation group AFG, which will see the fintech deliver its digital banking services and tech platform to help power AFG Securities’ credit decisioning.
Volt Bank (Volt) – which became the first neobank to be granted a restricted ADI licence in 2018 before gaining its full licence – has entered into a strategic alliance with aggregator Australian Finance Group (AFG).
The deal includes a $15-million investment from AFG into Volt, providing AFG with a 7.6 per cent shareholding in Volt Corp Ltd (based on Volt’s current series raising amount of $85 million).
AFG to invest $15m in neobank
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The aggregation group has agreed to invest $15 million in a neobank, leveraging its banking as a service offering and white labelling a personal finance manager app to AFG customers.
Australian Finance Group (AFG) has partnered with fintech Volt Bank (Volt) to form a strategic alliance and is investing $15 million into the company.
The alliance will leverage Volt’s Banking as a Service (BaaS) offering, by providing digital white labelled mortgage products to AFG’s network of more than 2,975 brokers.
It will also enable Volt’s direct customers who do not fit Volt’s credit criteria to be referred to AFG, with customer consent, for fulfillment by AFG brokers.