The partnership is promised to give faster payments processing times for Jacaranda’s customers, with the lender using Monoova’s software to automate how it receives, manages and pays funds.
Jacaranda Finance launched in 2013, when it aimed to fill a gap in the lending market, offering quick online unsecured personal loans between $300 to $2,000.
It has claimed approved applicants are able to access funds in their bank account within 60 seconds of accepting their digital contract.
According to Jacaranda Finance chief executive Daniel Wessels, working with Monoova has enabled the company to rely less on manual payments processing – allowing it to operate at all hours.
“For many of our customers who can’t be services by traditional lenders and funding models, we provide a critical service,” Mr Wessels said.
“Integrating with Monoova’s Automated Payment Service 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.”
Monoova CEO Christian Westerlind Wigstrom added: “By enabling fast access to funds, we are supporting Australians who need it most.”
Formerly known as Moneytech Payments, the fintech also services Splitit, DiviPay and Supay.
Since its launch in 2017, it reportedly has processed more than $5 billion through its software.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.