FinTech Australia Spotlight Article: Monoova

Monoova and Jacaranda Finance partner-up to unlock faster payments and greater financial inclusion

In the first edition of Member Spotlight in 2021, we had a chance to talk to CEO of Monoova, Christian Westerlind Wigstrom, and CEO of Jacaranda Finance, Daniel Wessels, about their recent partnership.

Meet the companies

Monoova, formerly known as Moneytech Payments and founded in 2017, is an end-to-end payments provider that supports scaling businesses with large, and often complex, ongoing transaction flows to automate how they receive, manage and pay their funds through one API integration. In other words, Monoova helps businesses grow by applying their API technology to a businesses’ transaction flows.

The company’s platform is designed to allow businesses to access a variety of payment functions like the NPP and customised real-time data.

The people behind Jacaranda Finance, established in 2013, noticed that there are around three million people in Australia who are deemed ‘unbankable’ by traditional financial. As a result, Jacaranda Finance was created to address a gap in the lending market by offering online, unsecured personal loans that unbankable people could gain access to. 

It is safe to say that Fintechs like Jacaranda are enabling a new era of financial inclusion. During our discussion, Mr Wessels of Jacaranda Finance said: “We pride ourselves on helping customers navigate stressful financial situations by providing fast access to finance. For many of our customers who can’t be serviced by traditional lenders and funding models, we provide a critical service.”

The partnership

The synergies between the two companies in the partnership have brought on a range of positive outcomes.

 Mr Wessels spoke highly of the API technology provided by Monoova: “Integrating with Monoova’s Automated Payment Service (APS) has been game changing for our business and an integral component in allowing us to deliver market leading turnaround times and instant payments to customers”

The APS allows partners to automate how they receive, manage and pay funds across a large number of payment methods. According to Daniel Wessels, working with Monoova has enabled Jacaranda Finance to rely less on manual payments processing, which is crucial for businesses required to operate 24/7. The APS also resulted in faster payments processing times, supporting financial inclusion by enabling Jacaranda Finance to deliver an improved loan experience to thousands of customers. Overall, with the integration of Monoova’s APS, more Australians are now able to navigate stressful financial situations via Jacaranda Finance’s fast access to finance.

Christian Westerlind Wigstrom of Monoova found working with Jacaranda Finance rewarding and enjoyed supporting their noble goal: “We are inspired by Jacaranda Finance’s mission of financial inclusion and are delighted to bring this to life through our services. By enabling fast access to funds, we are supporting Australians who need it most.” 

Christian went on to note that he plans to continue investing in Monoova’s capabilities to ensure the company’s partners can spend more time on supporting customers’ needs and less time on payments administration work in the future.

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