Social media-style financial content aimed at Gen Z and millennials will form part of two new initiatives launched by fintech company Afterpay.
The ‘buy now pay later’ (BNPL) business has created Money by Afterpay, an app that will offer its 3.6 million customers access to personalised content.
Afterpay has also initiated a 12-month partnership with Nine Entertainment Co-owned Refinery29 Australia, to sponsor its content franchise: Money Diaries, to coincide with the launch Money By Afterpay.
Money by Afterpay was designed following 2,100 hours of conversations, content and insights gathered from Gen Z and millennial customers, primarily woman.
Money Stories was described as a “social-media style approach” that will provide personalised insights for each customer.
“It will gives each customer daily and weekly bespoke insights into his or her spending and saving within the Money app, as well as their BNPL balance,” Afterpay said. “What makes the feature unique is the way Money Stories will help inspire action with thought-provoking ideas, tips and tricks that customers can consider.”
In addition to Money Stories, the app will feature Afterpay Retro, an initiative that allows customers to retrospectively create Afterpay in four orders from eligible transactions of up to $200.
A Westpac-backed savings account can also be created.
Refinery29 Australia will publish bi-weekly Money Diaries to its site and social channels, as well as the Money By Afterpay app, and will shortly launch a Money Diaries Australia Facebook
Group where it plans to foster a safe space to talk finances.
The app can be downloaded from today on iOS although an Android version is not expected until 2022.
Aferpay co-chief executives and co-founders Anthony Eisen and Nick Molnar said in a joint statement: “Bringing Money by Afterpay to life in just 12 short months reflects the incredible passion our team has for our customers – and for the relentless drive to challenge the status quo in order to deliver a better offering.
“Afterpay has become synonymous with Buy Now Pay Later and now we hope Money by Afterpay becomes the go-to for all things money – earnings, spending, savings and BNPL.”’
Money Diaries will also provide added inspiration for Money By Afterpay customers using one of the app’s Money Stories: a data-driven social-media style approach to providing personalised spending and saving insights.
Global head of customer, content and marketing for Money by Afterpay, Jackie Lee-Joe, said the partnership with Refinery29 Australia is a critical opportunity to connect Money by Afterpay
with an important target audience: “We’ve spent the last 12 months obsessed with the customer we’re building Money by Afterpay for and we’ve sought out more than 2,100 hours of
conversations, content and insights from Gen Z and Millennials. We were really looking to understand not just what they want from a money app but what they need when it comes to feeling more empowered about money. Overwhelmingly, one of the key things we heard was that this audience wants to build their money confidence – through small steps, personalised experiences and positive conversations.”
The launch of Money by Afterpay and Money Diaries comes soon after the launch of a campaign by AnalogFolk featuring brand ambassador Daniel Ricciardo.
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