Online lender MoneyMe is the latest entrant in the increasingly competitive buy now pay later market, launching an interest-free repayment product called MoneyMe Plus.

MoneyMe announced that it has signed 55 merchant partnerships in sectors such as solar, healthcare, cosmetics, home improvements, education and automotive.

MoneyMe Plus will provide finance of up to A$50,000, with repayment terms from six to 48 months. Approval will be done online at the point of sale.

MoneyMe has been operating since 2013. Last year it raised $45 million in an initial public offering and listed on the ASX.

It has originated a total of $500 million of loans to 240,000 borrowers since it started.

Its claimed point of difference is that its Horizon Technology Platform allows applications to be completed in five minutes and funds disbursed “shortly after”.

The company’s core products are an unsecured personal loan and a line of credit called Freestyle Virtual Credit Account. Loans are for amounts of $2100 up to $25,000 for terms ranging from three months to three years. The average loan size of around $5000.