MoneyMe achieves B-Corp certification

Digital lender and ASX-listed company MoneyMe has become a Certified B Corporation as it continues on its sustainability journey.

MoneyMe is the third ASX-listed finance provider in Australia to become a Certified B Corporation.

MoneyMe obtained its certification after a 12-month evaluation and verification process, achieving a certified B Impact Assessment(BIA) score of 91.2, above the 80-point certification threshold.    

According to MoneyMe, it first adopted the B Corp framework and BIA to inform its sustainability strategy in the 2022 financial year as a means to amplify its sustainability efforts and give the organisation and its stakeholders confidence in its approach and performance.

The B Corp framework helps to ensure that MoneyMe invests time and resources towards sustainability initiatives that create value and avoid greenwashing, due to requirements for both external verification and public disclosure.

Clayton Howes, CEO and managing director of MoneyMe said last November he and his team changed the company’s constitution to reflect its commitment to positive impact.

“MoneyMe’s constitutional purpose is not only to deliver returns to shareholders, but also to have an overall positive impact on society and the environment. Our environmental and social impact is no longer a second thought, or a nice to have, for our business. It’s a requirement,” he said.

“The overwhelming support we received from our shareholders to do this gave us confidence in the importance of driving change from the top.”

Howes said achieving B Corp Certification is a critical element of MoneyMe’s 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,” he said.

“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.”

Andrew Davies, CEO of B Lab Australia and 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.”

According to B Lab, the non-profit organisation that governs B Corp Certification, there is a rapidly growing movement of 470 B Corp Certified organisations in Australia, of which only 10 are ASX-listed.

Of the ASX-listed companies, fthree are financial institutions, including Australian Ethical, Liberty Financial, and now MoneyMe. 

Other well-known Australian B Corps include Aesop, Koala and KMD Brands, which owns Rip Curl and Kathmandu.