Basiq is excited to announce that we have partnered with Fu to empower millennials to live large and take charge of their financial well-being.

Fu is a one-of-a-kind platform that provides users with a set of simple tools to manage, spend and invest - all in one place. Lorraine Longhurst, Head of Partnerships at Basiq says, “We’re excited to be working with fintechs like Fu to help solve these issues and empower young Australians to make the best spending and saving decisions.”

As fintech innovation in Australia continues to redefine financial services; there has been significant growth in the adoption of buy now pay later services and millennials today are abandoning traditional credit products in favour of spending their own money. Considering an increasing number of Australians are living payday to payday, this growth raises questions about about responsible spending standards and affordability for young consumers.

The good news is that, with open banking being rolled out in Australia and financial data back in the hands of consumers, fintechs are in an ideal position to help solve these issues. Basiq enables these fintechs to realise innovative solutions by providing effortless access to financial data. Fu is one such fintech partnering with Basiq to build better and more customer-centric products.

With bank transaction data from Basiq, Fu can leverage data from over 60 financial institutions to generate actionable insights based on a complete picture of their customer’s financial position.

According to Fu’s founder Michael Fredericks:

“Fu is a better way to manage, spend and invest your money, all in one place. We are redefining managing money for young people by adapting the concepts of buy now pay later or millennial credit and combining that with smart spending insights in order to empower the world’s most relevant customer with transparency and choice. Young people need a single platform to get a forward looking picture of cash-flow needs and obtain a little bit of credit when required without escalating debt.”

Fu does this via a range of user-friendly tools as well as a dashboard that displays income, spending, bills and any deferred payments or “Spots” with Fu in one place.

The “Spot” service is what makes Fu special. Spot is designed as an alternative to traditional credit options. It lend users money in situations where they may come across unexpected costs or struggle to make ends meet before their next pay check.

The difference with “Spot” from other credit options is the focus on responsible lending. Through Basiq, Fu is able to use real-time banking data to build a multi-tiered risk assessment platform that ensures users are able to repay spots without financial hardship.

With the average student HECS debt increasing to over $20,000 in recent years, millennials are increasingly reluctant to open up credit accounts. Fu highlights one solution that can be realised with increased access to financial data. To learn more about the platform and to get started with the app head over to the Fu website.

For more on how Basiq enables the creation of more innovative financial products and services, check out the Basiq blog.