Plenti Group (ASX: PLT) and National Australia Bank have announced a strategic partnership, initially launching a “NAB powered by Plenti” car and electric vehicle (EV) loan and then making Plenti renewable energy finance available to NAB customers.
The parties have also entered into an equity investment agreement under which NAB may acquire up to 15% of Plenti’s share capital through placements and market purchases, reflecting the importance of the strategic partnership to both Plenti and NAB.
Highlights
- Plenti and NAB have entered into a strategic partnership under which Plenti will provide “NAB powered by Plenti” and Plenti own-branded finance solutions to NAB’s large personal banking customer base
- The strategic partnership combines NAB’s trusted brand and deep customer relationships with Plenti’s award-winning consumer finance experiences, efficiency and technology
- The strategic partnership broadens the consumer finance offerings available to NAB’s customers, whilst increasing and diversifying the revenue streams of both Plenti and NAB
- An innovative “NAB powered by Plenti” car and EV loan is expected to be launched in the first half of 2024, through which Plenti and NAB aim to deliver a leading car finance experience
- Select Plenti household renewable energy finance solutions are expected to be made available to NAB’s customers in 2024, which aims to help Australian households save on energy bills and reduce carbon emissions
- Plenti and NAB have additionally entered an equity investment agreement, which provides for NAB to acquire or subscribe for up to 15% of Plenti’s share capital, based on the achievement of certain milestones,
This strategic partnership makes sense – it brings together one of Australia’s largest and most trusted financial institutions with one of Australia’s most innovative and awarded financial technology companies,” Daniel Foggo, Plenti’s Founder and Chief Executive Officer, said.
“Together we see an opportunity to better serve new and existing customers with car and renewable energy lending products and we’re excited about the potential for future expansion of the strategic partnership over time.”
“This strategic partnership is expected to have a meaningfully positive impact on Plenti’s growth and profitability in future years.”