Monoova, Jacaranda Finance partner on payments deal
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Wednesday, 27 January 2021 10:28
Monoova, Jacaranda Finance partner on payments deal
By Peter DinhamMonoova CEO Christian Westerlind Wigstrom
Sydney-based payments provider Monoova is partnering with fintech lender Jacaranda Finance to deliver faster payments processing times, in a move designed to enable Jacaranda to deliver an improved loan experience to its customers.
Established in 2013, Jacaranda Finance addressed a gap in the lending market, offering quick, online unsecured personal loans between $300 to $2,000 and secured personal loans between $2,001 and $10,000.
The two companies say that with the partnership most approved applicants can now access the funds in their bank account within 60 seconds of accepting their digital contract, and the funds can be used for a variety of purposes—from debt consolidation to funding dental work and holidays.
According to Jacaranda Finance CEO Daniel Wessels, working with Monoova has enabled the company to rely less on manual payments processing, “which is crucial for businesses required to operate 24/7”.
“We pride ourselves on helping customers navigate stressful financial situations by providing fast access to finance. For many of our customers who can’t be serviced by traditional lenders and funding models, we provide a critical service,” Wessels said.
“Integrating with Monoova’s Automated Payment Service (APS) has been game changing for our business and an integral component in allowing us to deliver market leading turnaround times and instant payments to customers.”
Monoova’s Automated Payment Service (APS) allows partners to automate how they receive, manage and pay funds across a large number of payment methods. Partners can access Monoova’s payments services in two ways, either via an API, which allows a higher level of customisation, or a portal, which brings together some of the most powerful features of the API for businesses that don’t need the same level of customisation.
CEO of Monoova, Christian Westerlind Wigstrom said, “We are inspired by Jacaranda Finance’s mission of financial inclusion and are delighted to bring this to life through our services. By enabling fast access to funds, we are supporting Australians who need it most.
“At Monoova, we are continually investing in our capabilities to ensure our partners can spend more time on supporting customers’ needs and less time on payments administration.”
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