Afterpay to offer savings accounts and cash flow tools

Afterpay Limited ASX: APT 
ASX Announcement 
20 October 2020 
Afterpay to offer savings accounts and cash flow 
tools to customers  
Afterpay and Westpac have entered into a Collaboration Agreement to facilitate the introduction of 
Afterpay savings accounts and cash flow tools for customers in Australia. 
The new money management services, facilitated by Westpac’s new digital bank-as-a-service 
platform, will complement Afterpay’s existing business model by offering additional, 
customer-centric alternatives to traditional banking products.  
 
Available from FY21, the new offerings will replicate the simplicity and transparency of the existing 
Afterpay service and will empower customers to have greater control over their budget, with an 
efficient and seamless digital user experience.  
Afterpay customers will be able to use their new savings account to conduct the majority of their 
money management activities, including paying bills, withdrawing cash and budgeting. Further 
services and tools will be introduced over time to drive even more benefits to customers. 
Linking the new services to a user’s existing Afterpay account will deliver further insight into how 
customers prefer to manage their finances, what their savings goals are, and how responsible 
spending behaviour can be further encouraged and rewarded.  
These insights will also deliver a more tailored user experience and more mutually beneficial 
consumer and retailer connections via the Afterpay platform.  
The Westpac digital bank-as-a-service platform uses cloud-native technology from 10x Future 
Technologies. Being the default buy now pay later provider integrated with this global technology 
in Australia will assist Afterpay’s plans to roll out these platform enhancements across all regions. 
 
By leveraging the globally-scalable technology and associated banking and regulatory 
infrastructure, Afterpay can design, build and deliver additional services to customers without 
diverting from its unique and customer-centric business model, as well as retain ownership of its 
customer interaction and relationships.  

The collaboration also brings efficiency benefits to Afterpay’s existing activities from a risk 
management and processing cost perspective and has the potential to facilitate new revenue 
streams over time, without needing to develop traditional banking or credit products.  
Afterpay Limited ​ |​ ​ ACN 618 280 649​ ​ |​ ​ ASX:APT 
Level 5, 406 Collins Street, Melbourne VIC 3000, Australia | +61 300 100 729 
FOR PERSONAL USE ONLY

 
Afterpay CEO and Managing Director, Anthony Eisen, said: 
“The introduction of savings accounts and budgeting tools offers new customer benefits that 
continue to build on our core principle of encouraging responsible spending and enabling financial 
wellness.  
“In deepening our relationship with our customers we will gather greater insights into how they 
prefer to manage their finances and better understand their savings goals. This will allow us to 
assist them to budget more effectively and avoid debt traps. 
“We are excited to leverage the bank-as-a-service platform to provide customers with a different 
way to manage their finances, without relying on traditional banking services. We applaud 
Westpac’s foresight in curating this innovative digital platform and welcome their desire to partner 
with Afterpay to meet the changing needs of a powerful next generation of customers.”  
Westpac CEO, Peter King, said:  
 
“We are very pleased to be able to offer our digital bank-as-a-service platform to one of Australia’s 
most prolific fintech innovations, Afterpay. This collaboration reflects our strategy to meet the 
changing needs of customers and demonstrates our desire to partner with differentiated business 
models that provide alternative ways for consumers to spend and manage their finances. 
 
“We look forward to launching our platform in Q2 with Afterpay and will continue to work together 
to identify ways in which our partnership can add further value to consumers.” 
Afterpay Executive Vice President, New Platforms, Lee Hatton said:  
“Broadening Afterpay’s ecosystem to include new money management tools and products allows 
us to leverage our insights to deliver innovative solutions that meet the needs of our customers, 
helping them to make better-informed financial decisions and further differentiating us from 
traditional credit products.  
“The collaboration accelerates Afterpay’s ability to bring these additional customer offerings to 
market in that we can leverage established banking infrastructure and regulatory foundations to 
develop and deliver new services and more positive outcomes for our customers. 
“The advanced core technology available around the world today means we are well placed to 
ultimately provide these services to our 10 million plus customers across our global footprint. It also 
means we can continue to drive faster innovation and deliver greater benefits to customers and 
retailers while staying true to our core values.” 
Authorised by 
Anthony Eisen 
CEO & Managing Director 
 
Ends 
Afterpay Limited ​ |​ ​ ACN 618 280 649​ ​ |​ ​ ASX:APT 
Level 5, 406 Collins Street, Melbourne VIC 3000, Australia | +61 300 100 729 
FOR PERSONAL USE ONLY

 
For further information contact 
 
Investors Company Media 
Marie Festa 
EVP Investor Relations & 
Communications 
marie.festa@afterpay.com 
+61 405 494 705 
Amanda Street 
Company Secretary 
amanda.street@afterpay.com  
Melissa Patch 
Director of Communications 
melissa.patch@afterpay.com 
+61 412 124 195 
 
Afterpay Limited ​ |​ ​ ACN 618 280 649​ ​ |​ ​ ASX:APT 
Level 5, 406 Collins Street, Melbourne VIC 3000, Australia | +61 300 100 729 
FOR PERSONAL USE ONLY