InfraRisk/Wagepay disrupt Australia fintech market
In an announcement made by InfraRisk, the fintech solutions provider has launched a Wage-on-Demand lending platform for Australian company Wagepay.
Who is Wagepay?
Wagepay is an Australian fintech startup that provides its customers with the ability to immediately get a portion of their earnings on demand. Its product is powered by InfraRisk’s end-to-end, modularised digital lending platform that harnesses big data analytics, artificial intelligence (AI) and machine learning technologies.
The use of these technologies allows for real-time lending and risk management.
"Infrarisk is pleased to help Wagepay launch its product into the market in less than 8 weeks from inception, leveraging our mature technology platform and extensive finance experience across the world. By giving Wagepay the ability to leverage big data and AI enhanced risk models from day one, we strive to deliver unique competitive advantages for our customers over the competition,” commented Tony Chan, Vice President of InfraRisk.
An alternative to traditional payday loans, Wagepay is described as a lifestyle product that helps people to access what they have already earned anywhere and anytime to spend on anything they want.
How does Wagepay work?
Wagepay applicants can follow three easy steps - in five minutes - in order to get their money on demand, at reportedly a quarter of the cost of what payday lenders would charge. In addition the solution has no late or default fees.
"It is great to see InfraRisk deploy our digital lending platform to support another innovative business model. Whether it be a wage on demand product, or financial services around buy now pay later, consumer or commercial finance – our systems and business experience enable the sort of agile deployment and delivery of best practice in automation, big data analytics and AI that are essential for the success of financial institutions large and small, be that in Australia or across the globe. Our configurable and modular solutions have a proven ability to deliver highly automated, cost effective credit management capability in multiple segments and markets,” concluded Nicholas Davies, founder and CEO of InfraRisk.