Simplicity and First Credit Union form ‘Rebel Alliance of Finance’
Media Release Monday 21 August 2023
Simplicity, the nonprofit default KiwiSaver provider, and First Credit Union have today announced the signing of a strategic friendship agreement.
The nonprofit financial services providers will collaborate to further their shared aims to provide better financial services and products to New Zealanders.
“Individually, social enterprises and nonprofits in New Zealand are meaningful financial organisations in their own right,” said Simon Scott, CEO of First Credit Union.
“But there is huge long-term potential in like-minded organisations working together more closely to serve their combined base of loyal and engaged members,” he said.
Under the arrangement, Simplicity and First Credit Union will be introduced to each other’s members, online and in First Credit Union’s branches.
The relationship is based on trust and goodwill, with no money changing hands, and no product distribution or financial advice provided.
“We are taking this important first step in getting social enterprises and nonprofits to work closer together, reach out to each other’s members, and highlight that there are real alternatives to the big banks,” said Sam Stubbs, Managing Director of Simplicity.
“This is the start of a rebel alliance of finance, and we hope others will join in due course,” he said.
First Credit Union is a 68 year old financial co-operative, with over 60,000 members and 14 branches from Whangarei to Invercargill.
It offers New Zealanders a range of products, including personal loans, mortgages, everyday accounts and term deposits.
Simplicity is a default KiwiSaver manager, managing over $5.2 billion on behalf of 143,000 members of its KiwiSaver and Investment Funds schemes. It is 100% owned by the Simplicity Foundation, a registered charity.
Simplicity also provides low cost first home mortgages to qualifying members, and its funds invest in New Zealand’s residential rental, community housing, private equity and venture capital sectors.