MONEYME joins the B Corp movement
At MONEYME, we hold a strong ethos of sustainability and a genuine commitment to doing the right thing by our community and the planet. We’re thrilled to share that MONEYME has become a Certified B CorporationTM, aligning to an objective, measurable, verifiable, and proven framework of social and environmental performance.
MONEYME became B Corp Certified in August after a rigorous 12-month evaluation and verification process, with a certified B Impact AssessmentTM (BIA) score of 91.2 – well above the 80-point certification threshold.
This makes us the third ASX-listed financial institution in Australia to be B Corp Certified, along with Australian Ethical and Liberty Financial.
And the movement is growing. More companies are recognising their environmental, social and governance (ESG) responsibilities, and customers are increasingly seeking out purpose-driven businesses.
Why B Corp Certification matters to us
At MONEYME, we’re dedicated to doing good, beyond making profits. So much so that in November 2022, we cemented our commitment to ESG values into our company constitution with the following changes:
- Striving for a positive impact is now part of our constitutional purpose, and
- Our Directors and management are required to consider the impact of their decisions on a range of stakeholders, including customers, employees, and the environment.
We received overwhelming support from our shareholders, with over 98% voting “Yes!” to the change.
In the words of our CEO and Managing Director, Clayton Howes, MONEYME’s “environmental and social impact is no longer a second thought, or a nice to have, for our business. It’s a requirement.
“Achieving B Corp Certification is a critical element of our wholehearted commitment to society and the environment. B Corps are businesses that meet high standards of social and environmental performance, accountability, and transparency. They measure their success based on the positive impact they create.
“Our hope is that, through leading by example, we will inspire others in our industry to join the movement and prioritise sustainability and positive impact.”
The B Corp framework helps to ensure that MONEYME invests time and resources towards sustainability initiatives that create value and make a real difference.
Our Sustainability Initiatives
Here’s a glimpse into some of our sustainable efforts so far:
- Carbon reduction: We’ve taken substantial steps to measure and reduce our carbon emissions, contributing to the fight against climate change. In FY23, we proudly transitioned to 100% renewable energy in our Australian offices.
- Financing a greener future: We launched an electric vehicle (EV) discount through Autopay, our car finance product, playing our part in helping customers make more sustainable choices and rewarding them for these choices.
- Planting trees for the planet: Our Autopay car loan carbon offset initiative has offset 5,912 tonnes of CO2 emissions since launching in July 2021. That’s the equivalent to driving over 16.5 million kilometres, more than 421 laps around the world, or 22 laps to the moon and back.
- Financial wellness support: We aim to provide accessible financial services to all Australians, promoting financial wellbeing and inclusivity for everyone. In January 2023, we launched our free credit score tool, which helps Australians better understand their credit health and improve it.
- Employee wellbeing: We’ve fostered a diverse and inclusive workplace that prioritises our employees’ welfare, offering opportunities for growth and development.
- Community empowerment: MONEYME is the principal partner for Canteen’s education and career support service, providing vital support for young Australians with cancer in their lives.
- Accountability: We changed our company constitution to include our social and environmental values as part of our company purpose. We also joined United Nations Global Compact (UNGC), aligning our strategies and operations with universal principles on human rights, labour, environment, and anti-corruption.
- Reconciliation: We are committed to reconciliation and have taken our first major step in the journey, implementing our inaugural Reflect Reconciliation Action Plan (RAP) which has been endorsed by Reconciliation Australia.
What it means for you
Our B Corp certification underscores our commitment to our community. By choosing MONEYME, you’re not just choosing a lender; you’re supporting a company that values people and the planet just as much as profits.
B Corp Certification requires both external verification and public disclosure, so you can be sure that we are enacting meaningful policies and processes and not greenwashing.
Andrew Davies, CEO of B Lab Australia & Aotearoa New Zealand said, “We commend MONEYME on achieving B Corp Certification and warmly welcome them to our growing movement. Achieving our high standards for environmental and social performance, transparency and accountability is challenging for any business.
“In a context of rising mistrust, we need more leading financial services like MONEYME to step up, be accountable, and demonstrate that a new model of business is possible; one that benefits people, planet, and communities, alongside shareholders.”
Our work here isn’t done, this is just the beginning. We will continue measuring, evaluating, learning, and improving.
Stay tuned for more updates as we work towards a more sustainable and inclusive future.