A move into business lending would see Afterpay compete withsmall business lenders Prospa and Moula,which both launched BNPL products for businesses in 2019,whilerival Zip unveiled a business trade product earlier this year for lines of credit of up to $150,000.
Ms Hatton,who joined Afterpay last year after stints at Suncorp and National Australia Bank,is working on the impending launch of the company’s Money app and said launching new products and services for businesses was next on her agenda.
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“My role is second album,what does that look like?,” she said. “Think big,think global,and[we have] a blank sheet of paper effectively with this hugely engaged customer base.
Ms Hatton said while some in the market were surprised by Afterpay’s decision topartner with Westpac on consumer transaction and savings accounts,via the bank’s 10X technology platform,it made sense for the company to not develop banking products on its own.
She added that the partnership with Westpac meant Afterpay did not have to spend time on regulation and acquiring a banking licence.