Money by Afterpay Officially Launches in Australia

Afterpay Australia today launched its new money and lifestyle app Money by Afterpay giving its more than 3.6 million Australian customers – and any new Afterpay customers locally – access to a brand new money experience.

Built for the Afterpay generation, Money by Afterpay brings to life a new approach to money that better resonates with Gen Z and Millennial customers. From an engaging content approach called “Money Stories” to a seamless view of finances with BNPL integrated, Money by Afterpay can give customers a way to look after their savings and spending in one app.

Money Stories, Afterpay superpowers bring new insights and control More than 2100 hours of conversations, content and insights gathered from Gen Z and Millennial customers – primarily customers who identified as female – has informed the creation of the Money by Afterpay experience. One of the most unique features is the inclusion of Money Stories, which is a social-media style approach to providing personalised insights for each customer.

Built on the premise that money needs constantly change, Money Stories gives each customer daily and weekly bespoke insights into his or her spending and saving within the Money app, as well as their BNPL balance. For example, customers will see a comparison of their weekly spend versus the week prior and how much progress they’ve made against their savings goals.

The Money app will not charge customers fees and offers one daily transaction account with a physical debit card, digital wallet offering and the ability to easily make and receive real time payments (via the New Payments Platform), leveraging Westpac Banking as a Service.
Customers can further amp up their savings by turning on the Round-Ups feature, by automatically rounding purchases to the nearest dollar and depositing it into one savings account. Customers can also apply a multiplier on the round up by a factor of one, two, five or ten times to help them reach their savings goals that much faster.

Aferpay Co-CEOs and Co-Founders Anthony Eisen and Nick Molnar said: “Bringing Money by Afterpay to life in just 12 short months reflects the incredible passion our team has for our customers – and for the relentless drive to challenge the status quo in order to deliver a better offering. Afterpay has become synonymous with Buy Now Pay Later and now we hope Money by Afterpay becomes the go-to for all things money – earnings, spending, savings and BNPL.”

Afterpay Executive Vice President, New Platforms, Lee Hatton said: “Creating Money by Afterpay for our loyal customers has been an incredibly rewarding experience.  With more than 3.6 million Afterpay customers in Australia and more than 1 million of those customers in our sweet spot audience for this offering, we have the ability to introduce Money by Afterpay as the way to look after their money. This introduction is only the beginning as we help our customers build their money confidence through an ongoing roadmap of new features and useful, inspiring content.”

Westpac Chief Executive, Specialist Businesses, Jason Yetton said: “We are particularly proud to bring this partnership with Afterpay to life. Westpac Banking as a Service will provide Money by Afterpay customers an innovative way to digitally bank underpinned by Westpac’s strengths of safety, security and trust.”