Afterpay Closing Money App, Ends Related Partnership with Westpac

​Australian BNPL firm Afterpay is killing off its Money app - and the related partnership with Westpac - as parent Block readies the launch of its Cash App in the country.

Launched last year, the 'money and lifestyle' app was the fruit of a partnership inked in 2020 with Westpac that lets Afterpay operate on the bank's new banking-as-a-service platform to offer spending and savings accounts.

However, Afterpay has now stopped accepting new customers for the app ahead of a full closure on 10 October.

Lee Hatton, head, Money by Afterpay, says: "Our decision to move in this new direction is due to our exciting next chapter with Block, particularly as we think about Cash App opportunities here in Australia."

The move is a blow for Westpac's BaaS platform, which is losing its most high profile partner after just two years.

The bank launched the platform in order to attract more young customers through tie-ups with fintechs but AfterPay's acquisition by Block muddied the waters with the US giant considered more of a rival than partner.

Source: Finextra