Credit Intelligence expands its BNPL platform YOZO into the green energy market
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Credit Intelligence’s tie-up with leading solar energy player Shinehub marks its entrance into the green energy sector.
Debt restructuring and fintech company, Credit Intelligence (ASX:CI1) has just expanded its BNPL platform, YOZO, into the green energy sector.
The company has on-boarded national solar industry leader, Shinehub, as a merchant, with the aim of disrupting the payment and competitive pricing within the green energy space.
Based in Sydney, Shinehub is a community-based platform with 20 years combined experience in the solar space. The company provides solar energy solutions to the retail market, including solar panels, batteries, and inverters.
According to CI1, Shinehub has “revolutionised” the residential solar market, creating major Virtual Power Plants (VPP) in partnership with Ausgrid and AEMO.
The Virtual Power Plant is a software app that lets users make their battery power available to the grid operator Ausgrid, to use when needed at peak hours. Whenever battery power is discharged for the VPP, any power that goes back onto the grid earns the user a premium payment from ShineHub. With this technology, the company has been growing, and is set to become the number one battery provider in South Australia.
Until today, Shinehub has been focusing on the retail market, however with its “game changing” payment model, it’s about to extend its services into the commercial space.
By on boardingShinehub, CI1 aims to use YOZO’s AI-Driven Intuitive Credit Engine to bring an all-new SME BNPL offering to the green energy sector. This move is in line with the company’s strategic plan for YOZO to onboard more merchants and expand into other sectors to support the SME market.
The YOZO BNPL platform has been making good ground recently, after going live in Hong Kong last month where it hopes to capture the more than 300,000 SMEs operating in the city.
YOZO itself is a fintech platform developed in collaboration with CI1’s technology partner, the University of Technology Sydney (UTS). The platform is targeted for the SME market, and uses AI technology that includes flexible repayments, allowing small business clients to choose their own repayment dates to better align with cash flows.
CI1 is heavily invested into the platform’s technology and expansion, with the latest drawdown of $2 million from its funding facility partially earmarked for the platform’s expansion in Asia and Australia.
This article was developed in collaboration with Credit Intelligence, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.