Hello! The next release of the ‘Inspire Insurtech’ series where we interview inspiring insurtechs to find out who they are, what they do, what we can expect from them in the future, and more is here!
For this feature, we have MoneyLoop with Founder, Joshua Theeuf. Enjoy!
Tell us MoneyLoop’s brief pitch
MoneyLoop empowers insurers to offer an interest-free instalment plan for their customers, which allows them to pay their excess on an interest-free and fee free basis.
So how did MoneyLoop begin?
MoneyLoop began in early 2018 through participating in the H2 Ventures accelerator program.
Many great start-ups came out of accelerator programs!
How has MoneyLoop evolved since inception?
MoneyLoop has undergone several pivots, from a peer-to-peer marketplace focusing on micro-loans, through to out of pocket medical financing and finally landing on its feet in the insurance space. We believe we are best positioned to better support Australians during life’s emergencies.
What is your team currently working on 2019 or what have you accomplished recently?
MoneyLoop are in the process of procurement with an established insurer, which is very exciting!
We are also working through the second version of our customer-facing dashboard. We went live with our product in April, and to date have originated $50,000 In loans with our current partners.
We have also been finalists in the Metlife inclusion plus competition, and a finalist in DXC insurtech innovation competition.
How does MoneyLoop ‘give back’?
MoneyLoop ‘give back’ on a day to day basis by supporting Australian’s through life’s mishaps! We also give back to the community through mentoring other founders and students.
What is MoneyLoop’s biggest challenge in today’s markets?
Working through the aftermath of the Royal Commission has been very interesting. Also, just like every other start-up, not enough hours in the day!
We hear you!
What are your thoughts on our monthly topic?
We believe that insurance is on the precipice of massive change in how it is delivered, where we will see products being driven by consumer behavior to better reflect what customers wants and needs are. MoneyLoop was designed from the ground up with insurers and their entire customer base in mind, to address a real pain point in the insurance value chain.
Anything else you’d like to say that we didn’t ask?
We are presently raising a round of capital to support our growth, and the upcoming partnership. If you want to help us better support Australians we would love to hear from you.
Cary Cheung (left) and Joshua Theeuf (right) of MoneyLoop