Innovative fintech company OnMarket BookBuilds (OMB) has today announced a world-first partnership with the multi-award winning loyalty program of Virgin Australia, Velocity Frequent Flyer. The partnership will allow investors to earn Velocity Points on investments they make in Initial Public Offerings (IPOs).
Velocity becomes the first airline loyalty program to launch an ‘invest and fly’ program to link its frequent flyer points with IPO bids, as it rewards its members with a new and unique opportunity to earn Velocity Points.
Velocity members will earn 1 Point for every $4 spent via OnMarket, with no limit on the number of Velocity Points that can be earned.
Chief Executive of OMB, Ben Bucknell said: “Velocity and OnMarket are partnering to reward investors who love to fly. We wanted to partner with a like-minded brand who embraces innovation and technology like we do. Partnering with Velocity is a fantastic way for new OnMarket members to build their wealth and get on a plane quicker.
“In its first year, the OnMarket app and portal has given the Australian public access to 29 IPOs. That’s approximately 1 in 3 of all IPOs in Australia in the corresponding period. On average, OnMarket IPOs rose 22% in the 3 months after listing. Now, all new members who join OnMarket can earn Velocity Points when they bid on IPOs.”
“We are proud to be partnering with an innovative fintech like OnMarket that makes it easier for Australians to participate in wealth creation – while earning Velocity Points in the process,” Mr Schuster said.
Prime Minister Malcolm Turnbull launched OnMarket to a large media gathering in October 2015 as part of his innovation agenda.
“We are opening up the IPO market to the public so that they can take advantage of this high performing ‘asset class’. There are no favourites or preferred investors – mum and dad, institutional, SMSF, first-time – all OnMarket investors are treated equally. If an IPO is oversubscribed, everybody is scaled back by the same proportion,” said Bucknell.