Wage advance FinTech, MyPayNow, reaches $500m lending milestone

Gold Coast based Fintech, MyPayNow, has officially lent out over $500 million in wage advances to  eligible, working Australians. 

Since inception in June 2020, MyPayNow has set out to solve the age-old problem of waiting for  payday by allowing its users to access a portion of their pay early. In only 18 months of business, the  company has accumulated over 270,000 user accounts with the app downloaded over 400,000  times.  

In October 2021, it was announced that the company would upgrade as the Principal Partner across  the NRL & NRLW teams of the Gold Coast Titans, as part of an initial landmark 3-year deal. More  recently, MyPayNow have joined the Titans’ Physical & Intellectual Disability Rugby League  Program, which is one of many community programs delivered across the club. 

“Advancing $500m in 18 months is a massive achievement and we are proud to have reached this  milestone in such a short time, with our eyes set on lending $1b by the end of next year. We have  some really exciting plans in the pipeline for 2022 and can’t wait to share the news”, said  MyPayNow Managing Director, Bronson Powe.

About MyPayNow  

The MyPayNow app provides working Aussies with the freedom to access up to a quarter of their pay early, up to $1250. The  service is quick and easy to use – once funds are requested through the app, money lands in a users bank account in minutes.  The MyPayNow app is powered by custom built AI technology, which automatically assess’ a customers eligibility and  suitability by filtering through income, expenditure and spending behavior. Once approved and money is deposited, the wage  advance (plus a small 5% fee) is paid back via direct debit


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