(24 October 2019 – Australia) Citi Australia and PayPal Australia have partnered to develop credit products for PayPal’s customers in Australia.
The partnership will combine Citi’s expertise in financial solutions and building white-label partnerships, with PayPal’s strength in technology and 8 million Australian account holders.
“We’re excited to continue the expansion of Citi’s global partnership with PayPal into the Australian market, and to bring two leaders in payments together to drive better outcomes for consumers,” Citi Australia’s Head of Cards and Loans Choong Yu Lum said in an emailed press release. “Citi has made tremendous strides in seamless integration and the brands we work with are able to benefit from our ability to offer consumer financial solutions that provide scale and strength.”
Andrew Baines, general manager of PayPal Credit added, “Citi is a global leader in consumer credit, and we’re excited about the extension of this successful global partnership for our Australian customers. Citi shares our vision to make payments simple, safe and convenient, and we’re confident they’re the right partner to help us deliver innovative consumer-facing credit products to our customers in the Australian market.”
The announcement continues a busy month for PayPal. Earlier this week, the company revealed that it expanding its small business lending operations into Canada, connecting small businesses in the market to loans between $5,000 and $100,000 that could be moved into a business’ bank account within two business days.