Rebrand strengthens firm's position in growing novated leasing market driven by EV demand
Paywise, part of COG Financial Services, has announced the integration of the Fleet Network and beCarWise brands into its operations.
The move is aimed at capitalising on the rapidly growing novated leasing market, driven in part by increasing demand for electric vehicles (EVs). The combined brand will expand Paywise’s service offering to over 35,000 members across Australia and help grow its customer base as novated leasing gains traction nationwide.
Paywise chief executive Frank Agostino (pictured above) described the integration as a natural progression that aligns with the company’s strategic goals.
“Paywise has extensive experience in salary packaging across all industries, while Fleet Network and beCarWise are novated leasing leaders,” Agostino said. “This unified approach reflects our commitment to national growth and a broader service offering. It allows us to deliver even greater value to our clients while supporting COG Financial Services’ broker network and their clients.”
The integration follows Paywise’s acquisition by COG Financial Services in 2023, through its novated leasing subsidiary Fleet Network.
COG Financial Services chief executive Andrew Bennett said consolidating the three brands into one was a logical step.
“This unification significantly enhances our ability to provide novated leasing and salary packaging solutions to government and private sector clients across Australia,” Bennett said.
COG has experienced strong growth in both sectors, with a 28% rise in novated leases and a 24% increase in salary packaging in the last financial year. Bennett attributed much of the growth to the federal fringe benefits tax (FBT) exemption on electric vehicles.
“The FBT exemption has introduced many Australians to novated leasing for the first time, showcasing the cost savings and convenience it offers,” he said. “Even after the exemption ends, we expect many of these first-time users will continue to utilise novated leasing.”
Paywise recently completed a rebrand to reflect the integration of Fleet Network and beCarWise, incorporating design elements from each company’s logo to preserve their history while marking a new chapter.
“The new brand builds on the strong foundations of each business while embracing a united future under Paywise,” Agostino said.
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