InfraRisk, Wagepay launch digital wage advance product to disrupt fintech market in Australia-PR Newswire APAC

MELBOURNE, Australia, Nov. 16, 2020 /PRNewswire/ -- InfraRisk Pty Ltd. (InfraRisk), a leading fintech solutions provider specialising in digital lending and risk management, today announced it has launched a Wage-on-Demand lending platform for Wagepay Pty. Ltd. (Wagepay) in Australia.  

Wagepay is an Australian fintech startup that enables customers to immediately get a portion of their earned wage on demand. The product is powered by InfraRisk's end-to-end and modularised digital lending platform that harnesses the power of big data analytics, artificial intelligence and machine learning technologies 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," said Tony Chan, Vice President of InfraRisk. "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 customer over the competition."

Wagepay is an alternative to traditional payday loans. Quite different from payday loans, it will be a lifestyle product to simply help people access what they have already earned at their fingertips, anywhere and anytime, and spend on anything they want – similar to buy now pay later, but with their own earned money and with any merchant.

With Wagepay, applicants need only to take three easy steps to get their money on demand, at a quarter the cost of what payday lenders charge. They also do not have any late or default fees, and the whole online application process takes only 5 minutes.

Behind the game-changing business is a highly sophisticated digital lending platform delivered by InfraRisk, with risk management at the core of the whole lifecycle, and a streamlined process and data integration capability to automate KYC, bank statement analysis, and real-time payments.

"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," said Nicholas Davies, founder and CEO of InfraRisk. "Our configurable and modular solutions have a proven ability to deliver highly automated, cost effective credit management capability in multiple segments and markets."

Incorporated in November 2008 and headquartered in Melbourne, InfraRisk has over 10 years of experience in providing financial technologies to banks and financial institutions in Australia, Europe, China and across the Asia Pacific.

About InfraRisk

InfraRisk is a leading fintech specialising in digital lending solutions. Incorporated in 2008 and headquartered in Melbourne, InfraRisk has over 10 years of experience in providing financial technologies to banks and financial institutions in Australia, Europe, China and across the Asia Pacific. Leveraging its scalable and reliable technology infrastructure and deep industry insights, the Company offers its partners a full suite of customized end-to-end solutions, ranging from personal loans, buy now pay later, SME loans, corporate & commercial loans, and wealth management. For more information, please visit www.infrarisk.com^[1].

References

1. ^{^} www.infrarisk.com (www.infrarisk.com)