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Westpac enters into referral deal with Valiant Finance

Westpac Banking Corp. struck a customer referral deal with start-up business loan broker Valiant Finance Pty. Ltd. after shelving a similar contract with Prospa Group Ltd. in June, The Australian Financial Review reported Sept. 3.

As part of the deal, Westpac will refer customers or potential customers that it cannot provide banking services to Valiant, which will assess options in the nonbank market using a panel of mutually agreed lenders. The deal came as the bank meets growing demand from companies seeking financing from nonbanking companies.

Valiant has a panel of 70 lenders, including nonbank fintech lenders such as Prospa and Moula. The loan broker has a platform that manages the loan application process and standardizes the disclosure of interest rates offered by banks.