EasyEquities seals major partnership with Absa

EasyEquities and Absa announced a new partnership that will give the bank’s 12 million retail customers access to investing on the Absa banking app. 

The partnership follows a similar model to EasyEquities’ existing offerings through the Capitec banking app and Discovery Bank. 

These partnerships give EasyEquities access to millions of banking clients in South Africa, significantly increasing its reach. 

They are also beneficial for the banks, which can give their clients access to share trading and investments without having to build out their own stockbroking division. 

As a relatively new bank, Discovery Bank is able to offer its clients a highly functional product in a short period of time without investing in its own platform. 

It also helps the banks to create an ecosystem where more of the money held by their clients is used in their products, creating extremely valuable fee and commission income. 

EasyEquities said in the case of Absa, the two client bases already overlap significantly. Its data shows that 125,000 of its clients fund their accounts via Absa. 

EasyEquities is also home to around 30,000 Absa shareholders and nearly 20,000 investors who hold Absa investment products.

Absa said the partnership strengthens its ambition to make financial services more accessible, convenient and integrated into the digital channels clients already use. 

It reflects Absa’s customer-led strategy and its aim to create simpler, more seamless ways for people to transact, grow and protect their wealth. 

EasyEquities said the partnership builds on its track record of making investing accessible through banking apps, following similar integrations with other banks. 

Those partnerships have helped drive growth in the number of registered and funded EasyEquities clients, as well as in the value of assets held on the platform.

“Our mission is to make access to markets available to more people, because markets remain one of the most effective ways to grow and protect wealth over time,” Purple Group CEO Charles Savage said.  

“This partnership gives Absa clients a simple way to start investing directly through a platform they already trust and use.”