“Can a non-bank consumer lender become the credit infrastructure behind incumbent Australian banks while continuing to win direct retail share?”
Founded 2014 as RateSetter Australia, a P2P lending platform connecting retail investors with consumer borrowers. Rebranded to Plenti and listed on ASX in 2020, then steadily expanded from pure personal loans into automotive, renewable energy (solar/battery), and EV finance — becoming Australia's largest non-bank consumer lender by originations. The strategically important 2024 NAB partnership ('NAB powered by Plenti') effectively turns Plenti into a B2B lending-as-a-service platform for one of Australia's big-four banks, marking a shift from pure direct-to-consumer fintech toward embedded lending infrastructure.
Plenti processes payments through Direct debit (in-house, via Plenti platform).
Plenti's lending and capital products are provided by Plenti (in-house).
The Embedded Finance Index 2026 maps 2 layers in Plenti's stack: Payments / PSP (Direct debit (in-house, via Plenti platform)); Lending (Plenti (in-house), Personal Loans, Car Loans (consumer and commercial automotive), Secured Car Loans and 17 others).
Plenti was founded by Daniel Foggo, Glenn Riddell and Ben Milsom and is founded in 2014, headquartered in Sydney, Australia.
Get a read on where your own stack stands against Plenti and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.