We auction our home, clothes, art, cars – so why not auction our own money?

We auction our home, clothes, art, cars – so why not auction our own money?

Fintech startup Lodex is a new competitive, auction-style loans and deposits marketplace that puts the power into the hands of the consumer. The world’s first auction-style platform allows the consumer to choose the winning lender or broker.

Lodex is set to disrupt the way Australians borrow and save money by having lenders and brokers compete for their business. The auction-style platform allows consumers to anonymously share their Credit Score and the Australian-first, optional Social Score, to the marketplace and set up an auction from their smartphone in 10 minutes & watch ‘bids’ come in. This is a paradigm shift putting the consumers in the driver’s seat.

Lodex, free for consumers, uses industry-first leading algorithms and real-time data allowing them to auction their loan and deposit needs, all in the one place. Consumers can stop wasting time shopping around multiple websites for rates. Lodex platform connects consumers with lenders and brokers simple, fast and secure.

Michael Phillipou, co-founder and director says, “We’re entering exciting times for consumers, lenders and brokers providers alike. Lodex aims to support all sides in the marketplace. We’re encouraging innovation because it benefits everyone.”

Lodex is proudly introducing Social Scoring in Australia, as part of the total Lodex information package, aiming at giving lenders and brokers new insights into the individual credit risk. Lodex hopes to offer providers more information that could complement their current credit assessment processes to the benefit of the consumer- especially those with thin credit files.

Lodex launched its marketplace offering with Home Loans, Car Loans and Personal Loans, and has signed-up a number of lenders and brokers, both lenders directly and over 80 accredited mortgage brokers. Deposits will be joining the marketplace soon.

Lodex has been founded by Bill Kalpouzanis, a 20-year European banking executive with deep domain expertise in credit risk management and digital transformation, and Michael Phillipou, a former senior leader for Westpac and Bendigo Bank in retail banking and wealth management.

The Lodex Advisory Board comprises an impressive list of experts in their respective fields including Andrew McEvoy, Chairman of the Advisory Board, Media & Distribution Advisor, is a former executive at Fairfax Media and was Managing Director of Tourism Australia; Sean Cummins, Marketing and Advertising Advisor, is Global CEO of Cummins and Partners advertising and marketing agency; Kimberly Gire, Strategy Adviser, is a former CFO of Retail & Business Bank at Westpac; Francesco Placanica, Strategy Advisor, former CTO of Commonwealth Bank.

“Our Vision is to create the most innovative real-time loans & deposits open marketplace empowering consumers with access to, and control of, their unique data.”

Source: Press Release: We auction our home, clothes, art, cars – so why not auction our own money?

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