Now IPOs come with frequent flyer points

Bob Riha/WireImage

Fintech OnMarket BookBuilds will be offering IPO investors Velocity Frequent Flyer points from Virgin Australia.

Now the 6.4 million Velocity members will be able to earn 1 point for every $4 spent via OnMarket, with no limit on the number of points earned.

“Velocity and OnMarket are partnering to reward investors who love to fly,” says Ben Bucknell, CEO of OnMarket BookBuilds.

In its first year, the OnMarket app and portal created public access to 29 IPOs, or about 1 in 3 of all new listings in Australia. Many IPOs effectively lock out retail investors, preferring instead to initially raise funds from institutions and sophisticated investors.

Karl Schuster, the CEO of Velocity Frequent Flyer, says wealth management is an important consideration for many Australians.

“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,” says Schuster.

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