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InfraRisk and Wagepay launch digital wage advance product in Australia

By Edil Corneille

November 20, 2020

  • Australia
  • Infrarisk
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InfraRisk, risk management, Pintec, Australia, digital lending, FinTechInfraRisk, a FinTech solutions provider specialising in digital lending and risk management, has launched a Wage-on-Demand lending platform for Wagepay in Australia.

Wagepay is an Australian FinTech startup that enables customers to immediately get a portion of their earned wages 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. It can be compared with a ‘buy now pay later’ (BNPL) solution, but the difference over here is that customers can access their own earned money and spend it at the merchant’s premises.

With Wagepay, applicants need to take three 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 5 minutes.

The sophisticated digital lending platform is 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.

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