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 $15 million into the company.
The alliance will leverage Volt’s Banking as a Service (BaaS) offering, by providing digital white labelled mortgage products to AFG’s network of more than 2,975 brokers.
It will also enable Volt’s direct customers who do not fit Volt’s credit criteria to be referred to AFG, with customer consent, for fulfillment by AFG brokers.
Certain defined terms This document comprises the Annual Report and Accounts 2020 for The Hongkong and Shanghai Banking Corporation Limited ( the Bank ) and its subsidiaries (together the group ). References to HSBC , the Group or the HSBC Group within this document mean HSBC Holdings plc together with its subsidiaries. Within this document the Hong Kong Special Administrative Region of the People s Republic of China is referred to as Hong Kong . The abbreviations HK$m and HK$bn represent millions and billions (thousands of millions) of Hong Kong dollars respectively. Cautionary statement regarding forward-looking statements This Annual Report and Accounts contains certain forward-looking statements with respect to the financial condition, results of operations and business of the group.