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Afterpay launches money management app

Afterpay launches money management app

Australian buy now, pay later firm Afterpay is diversifying through the launch of a 'money and lifestyle' app.

The Money app is the fruit of a partnership inked last year with Westpac that lets Afterpay operate on the bank's new banking-as-a-service platform.

The app - which is being piloted with staff ahead of an October rollout - will let Afterpay's BNPL customers see their BNPL balance, upcoming orders and instalments alongside their daily spending account and savings accounts.

In addition, users will be able to get up to a one per cent interest rate on up to 15 different savings accounts. Meanwhile, the firm is also offering a fee-free daily account with a physical debit card.

Anthony Eisen and Nick Molnar, co-CEOs, Afterpay, say: “Money will broaden our relationship with our loyal customers and also attract a new group that’s looking to streamline how they manage their finances within the debit economy, further cementing our commitment to supporting responsible spending."

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