WeMoney Launches WeMoney Connect, an Agentic AI Lending Assessment Service Built on Open Banking
WeMoney Launches WeMoney Connect, an Agentic AI Lending Assessment Service Built on Open Banking #
Australian personal finance platform WeMoney has launched WeMoney Connect, a lending assessment service built on the country’s Consumer Data Right (CDR) framework. The product is in limited early access for banks, non-bank lenders, mutuals and brokers.
Applicants share their banking data directly with a lender through a “Sign in with WeMoney” flow connected to more than 118 banks and financial institutions. Because the data travels through CDR-regulated channels, borrowers do not share their banking passwords and are told exactly what information is shared, who can see it, for what purpose, and for how long. They can withdraw consent at any time.
WeMoney Connect’s central feature is Agentic Assess, which takes the consented data and automatically applies the lender’s own credit policy and serviceability rules. The system calculates income, expenses and liabilities, flags knockouts before a formal credit enquiry is recorded, and links every finding to its underlying evidence. The final credit decision remains with the lender. The company says this reduces what can be a multi-week manual process to a matter of days.
Transaction categorisation is handled by WeMoney Enrich, which runs on Kookaburra, the company’s own post-trained AI model. Kookaburra draws on a database of more than 372,000 recognised merchants and achieves 98% categorisation coverage at the standard required for a lending decision, the company said.
WeMoney Connect is secured by Mastercard Open Finance and uses Mastercard’s open banking infrastructure for data sharing. Mastercard is also a strategic investor in WeMoney. The relationship follows WeMoney’s participation in the Mastercard Start Path Open Banking programme.
The product also includes FinPass, a dated summary of the borrower’s verified financial position. Borrowers can review it before applying and share it selectively with lenders or brokers, giving them visibility into how a lender is likely to view their finances before any formal application is submitted.
“Open banking solved the collection of data. The hard part of lending has always been the assessment, and that’s where AI agents now make the biggest difference,” said Dan Jovevski, Founder and CEO of WeMoney. He cited Australian Competition and Consumer Commission figures showing the Consumer Data Right has now passed 1.6 million active data-sharing authorisations and more than 10 billion API calls.
The launch comes ahead of a further expansion of CDR’s scope. From 9 November, the largest non-bank lenders will be required to share consumer data, extending coverage to car loans, personal loans and non-bank mortgages and giving lenders a more complete picture of an applicant’s existing liabilities.
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