Australian Enterprise Awards 2024

APAC Insider- Australian Enterprise Awards 2024 | 64 Best Ethical-Lending FinTech 2024 & Most Innovative Ethical Lender of the Year 2024 Prior to modern advances in digital lending, few customer-centred options were available to help everyday Australian consumers manage unexpected expenses. Traditional financial products such as credit cards and payday loans can be potentially dangerous for customers, carrying risks of ongoing debt traps and high costs. Beforepay set out to change this, leveraging artificial intelligence and new technologies to provide a flexible, fast and transparent way to borrow that’s tailored to the individual needs of customers. Beforepay is an ethical-lending FinTech that was founded to support working Australians not previously well-served by the traditional financial services industry with safe and affordable financial products. This takes form through Beforepay’s ethical, customer-friendly flagship wage advance product that allows eligible customers to access funds of up to $2000 for a small fee to help cover unexpected expenses and manage temporary cash-flow challenges. With a web and mobile app boasting an intuitive interface, transparent fee structure and simple terminology, Beforepay’s product provides a seamless venture into borrowing, without the complex terms and risk of revolving debt that can come with some traditional and predatory lenders. The most Beforepay asks for is a 5% fixed transaction fee whenever eligible customers take out an advance. Regardless of whether they’re in need of a simple $100, or are looking to advance up to the product’s maximum allowance of $2000, this transaction fee remains the same, while disregarding the need for compound interest or late fees. As such, customers can trust Beforepay to alleviate their stresses, without demanding much in return for its services. It’s in this vein that the product truly distinguishes itself as an ethical lender in such a bustling industry – where most lending platforms require hefty fees or implement excessive interest rates, Beforepay promises to never exceed its 5% fixed transaction fee. It’s this simple and transparent fee structure that is arguably Beforepay’s most enticing element. Partnered with the fact that each user is required to fully repay their advance before being eligible for another, the product is able to help individuals manage their money, without running the risk of falling into long-term debt. Truly, Beforepay crafted its product as a means to safeguard the wellbeing of its customers, with each individual characteristic of its platform continuously looking to appeal to the best interests of each user. Where more traditional lenders, or even predatory lending practices, may fail to grant this sense of security, Beforepay thrives when ensuring customers borrow within their means and repay their advance in a timely manner, protecting them from the potential pitfalls of lending. As such, Beforepay has quickly become a trustworthy entity within its field. However, if we were to turn our attention to the direct cause of Beforepay’s current success, it would be impossible to ignore how the company is leveraging artificial intelligence (AI) and machine learning (ML) to power its product. Using AI-powered credit risk decisioning, in tandem with ML models that have been trained on more than one billion data points, Beforepay has optimised the ability to rapidly and accurately set limits and determine eligibility based on the likelihood of default at different potential limit sizes. In fact, its AI risk-scoring model tests more than a whopping 50,000 individual variables to select 400-500 of the most predictable factors that could potentially impact a Jan24078 customer’s financial stability and creditworthiness. By including both financial and behavioural variables, the risk assessment is able to provide a nuanced understanding that’s totally unique to Beforepay’s product. It’s thanks to this very framework that Beforepay has managed to successfully achieve optimal efficiency, with its ability to facilitate an average of 35,000 loans per week standing as an astounding testament to its proficiency. As of 2023, Beforepay has also gained a staggering 1 million registered users, while simultaneously having advanced more than $1 billion in cumulative loans since its commercial launch in 2020. It’s clear that the demand was there, and Beforepay was the only entity confident enough in its ability to perform dependable risk assessments and loan management services to have stepped up to the mark. Now, it’s heralded far and wide as the go-to choice for anybody looking to access extra funds when they need it. As expressed by Beforepay itself – “Our ethical approach to lending, distinguished by a blend of accuracy, precision, and efficiency, sets us apart in the financial services industry. Established to disrupt predatory lending practices, we’ve crafted and refined the next generation of data-driven credit decisioning and lending that puts the customer first in risk prediction, limit-setting and borrowing.” It’s this very nature upon which the collective prides itself. For far too long, clients have been an afterthought in the lending sphere, and Beforepay has responded by developing a methodology that finally puts them first. In short, Beforepay is a company that has long since recognised the gaps in the lending industry, and has risen to the challenge of developing a safe, affordable and customer-centred alternative. In doing so, it’s created an ethical financial product crafted with customers’ best interests in mind that has allowed the company to grow quickly and achieve high levels of efficiency and excellent lending outcomes. Now, Beforepay is recognised as a multi-award-winning entity whose work has no doubt already set the standard for modern-day lending. It’s a refreshing change of pace to be faced with a company who places authenticity at the forefront of all it does, and Beforepay is no exception in the slightest. Here at APAC Magazine, we are always searching for the companies that are determined to break the mould. Beforepay is just one championing example of a collective who, through tireless identification of the industry’s biggest problems, has been able to craft an efficient and sustainable solution that’s bound to elevate the lending experience of each customer. As such, we’re exceptionally pleased to bring some attention to Beforepay, and we hope that its excellence continues to thrive at its current breakneck pace. Contact Details Contact: Kasey Kaplan, Chief Commercial Officer Company: Beforepay Web Address: