SocietyOne launches transaction and savings accounts powered by Westpac


SYDNEY, June 6, 2022 /PRNewswire/ — In its first major step following its acquisition by MONEYME Ltd (ASX:MME), digital finance platform SocietyOne has launched transaction and savings accounts powered by Westpac’s Banking-as-a-Service (BaaS).

Clayton Howes, Managing Director and CEO of MONEYME

SocietyOne is Westpac’s second partner to launch products through its BaaS platform with two new additions to its product offering: the ‘SpendOne’ transaction account and the ‘SaveOne’ savings account.

These new products are part of SocietyOne’s innovation designed to help Australians create better everyday financial habits and brand connection beyond their credit needs.

Spend one is an everyday transaction account, launched with no account maintenance or transaction fees. It has a rounding feature that allows customers to designate an amount to round up daily transactions, with the rounding amount automatically paid into their SaveOne account.

The SpendOne account comes with features customers expect, including a debit card for tapping or swiping in-store and making purchases online. And the ability to transfer money between their accounts, make quick payments and withdraw cash from ATMs.

SaveOne is a savings account earning an impressive 1% per year, which is a competitive interest rate. It has a flexible auto-save option that allows a percentage of any deposit in a SpendOne account to be automatically transferred to the customer’s SaveOne account, helping them to gradually improve their savings.

SpendOne and SaveOne will be available to all eligible Australians over the age of 18, with current SocietyOne customers being the focus of the initial launch.

Customers can open and access SpendOne and SaveOne accounts through the new SocietyOne app, which can be downloaded from the App store and google play.

The app gives customers 24/7 visibility into their transactions and allows them to take out a SocietyOne loan, set up automatic repayments and access their credit score from their smartphone.

The BaaS product launch follows a recent strategic decision to be acquired by ASX-listed consumer lender MONEYME, creating an impressive $1.2 billion loan book (at March 31, 2022) and a significant increase in the combined entity’s customer base.

This decision aims to accelerate the MONEYME group’s objective of becoming australia main provider of non-bank credit.

Clayton HowesManaging Director and CEO of MONEYME, said: “Transaction and savings accounts are an exciting addition to our offering under the SocietyOne brand. The launch aligns strongly with MONEYME’s diversification strategy and our goal to provide leading digital experiences to empower the current generation. .

“SpendOne and SaveOne accounts are designed to automate good financial habits, giving customers more freedom, flexibility and a one-stop shop for managing their money.”

Jonathan ChanCOO of MONEYME, said: “The BaaS-powered SpendOne and SaveOne accounts contribute to our long-term mission to empower ambitious Australians with a wide range of products, so they can reach their financial goals faster.

“The addition of these products creates a frictionless experience for SocietyOne customers, who can now monitor and manage daily transactions, savings, SocietyOne personal loans, and their credit score, all in one app. With easy monitoring and automated features to help customers save more, it offers greater control over their finances.”

Damien MacRaeCEO of Westpac Banking as a Service, said: “Westpac is proud to offer SocietyOne customers digital banking through its first Australian native cloud technology to help them manage their finances, their way and in the palm of their hand.

“Enable SocietyOne to offer its Australian customers access to innovative digital banking services, underpinned by Westpac’s strengths in safety, security and trust.

Integrated finance is a growing market, and this partnership is an important opportunity for Westpac to reach new customers.”

About SocietyOne

CompanyA ( is a wholly-owned subsidiary of ASX-listed MONEYME Ltd (ASX:MME) since its acquisition by the Group in March 2022. Its award-winning digital finance platform has delivered over $1 billion of total loans and has helped over 35,000 borrowers since 2012. Its broker distribution channel has generated over $70 million loan originations since its launch in 2019.

SocietyOne offers fixed rate secured and unsecured personal loans, as well as a free credit score product that helps customers understand and improve their score with clear and simple information. The latest addition to SocietyOne’s product line is its BaaS-powered transaction and savings accounts, SpendOne and SaveOne.

SocietyOne has also received numerous Tier 1 awards, including making it to AFR’s Most Innovative Companies list in successive years, winning Deloitte Rapid 500 (APAC), listed in the Top 100 Global FinTechs by KPMG and H2 Venture, and receiving multiple product category awards from Canstar and Product Review.

About MONEYME Group

MONEYME Group is one of the leading FinTech disruptors on the way to becoming australia 1st supplier of non-bank credit.

With a focus on innovation, we fund ambitious Australians with top speed and seamless customer experiences. Leveraging AI and advanced cloud-based technology, we offer highly automated credit products for personal, automotive and real estate finance.

The flagship brands of the MONEYME Group ( and SocietyOne ( reflect the first digital experiences that meet or even exceed the expectations of Generation Now.

MONEYME Ltd (the “Group”) is a licensed, regulated and ASX listed credit provider operating in Australia.

About Westpac Banking as a Service

Banking as a Service is Westpac’s award-winning digital banking platform that complements the group’s existing banking business. It supports new digital products and services to be brought to market through fintech and institutional partners and enables Westpac to reach a new group of customers and create value for our partners. Westpac manages banking products and partners use their brand to enhance the customer experience.

Westpac Banking as a Service was recently recognized at the IDC Innovation Awards for “from Asia Best in Infrastructure Modernisation” and has also been shortlisted for the upcoming iTnews Benchmark Awards and The Australian Financial Review BOSS Innovation Awards.

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