Launched final 12 months, the ‘cash and way of life’ app was the fruit of a partnership inked in 2020 with Westpac that lets Afterpay function on the financial institution’s new banking-as-a-service platform to supply spending and financial savings accounts.
Nevertheless, Afterpay has now stopped accepting new prospects for the app forward of a full closure on 10 October.
Lee Hatton, head, Cash by Afterpay, says: “Our resolution to maneuver on this new route is because of our thrilling subsequent chapter with Block, significantly as we take into consideration Money App alternatives right here in Australia.”
The transfer is a blow for Westpac’s BaaS platform, which is shedding its most excessive profile associate after simply two years.
The financial institution launched the platform as a way to appeal to extra younger prospects by means of tie-ups with fintechs however AfterPay’s acquisition by Block muddied the waters with the US big thought of extra of a rival than associate.,Australian BNPL agency Afterpay is killing off its Cash app – and the associated partnership with Westpac – as mother or father Block readies the launch of its Money App within the nation.,
