Citi Australia and PayPal Credit Australia announced they have entered into a long-term strategic partnership to develop consumer credit products for PayPal’s customers in Australia.
The partnership will join Citi’s expertise in consumer financial solutions and building white-label partnerships, with PayPal’s strength in technology and significant Australian customer base of more than 8 million active 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.”
It has been 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.
And on Oct. 17 PayPal announced that it is teaming up with Synchrony Financial to roll out a Venmo co-branded credit card next year, marking a first for the peer-to-peer (P2P) money transfer platform.
“For 15 years, Synchrony has been a strategic partner in offering credit cards that enable greater purchasing power and rewards for PayPal consumers,” said PayPal CEO Dan Schulman at the time. “We are pleased to deepen our relationship with Synchrony to bring groundbreaking new credit experiences to the Venmo community through a desirable credit card and a seamless in-app experience.”