Australian FinTech company profile #81 – Wefund
1. Company Name: Wefund
2. Website: Wefund.com.au
3. Key Staff & Titles:
Marshall Condon: Co-Founder
Roy Coughlan: Co-Founder
Richard Owens: Co-Founder
4. Location(s):
Level 5, 9-11 Cremorne St, Cremorne, VIC, 3121
5. In one sentence, what does your fintech do?:
Wefund’s proprietary finance platform connects borrowers seeking fast, transparent, commercial and construction finance to accredited non-bank lenders.
6. How / why did you start your fintech company?:
The non-bank finance sector is bogged down with slow loan application processes. It also lacks transparency and integrity. Our technology streamlines the process for faster, more transparent and secure property and development funding.
7. What is the best thing your company has achieved or learnt along the way (this can include awards, capital raising etc)?:
Over $600m loan applications received over 5 months since launch.
We have been approved on MoneyQuest Australia’s panel as a solution for their brokers and Venture capital investor Bravo Futura Capital has contributed to a $500,000 seed investment. We have also processed a significant number of loans in a short period.
8. What’s some advice you’d give to an aspiring start-up?:
Hire a good team, be agile, put your MVP out to the market and see how it reacts. Then adapt your product to fit the market better.
9. What’s next for your company? And are you looking to expand overseas or stay focussed on Australia?:
We are continuously improving the platform, growing our panel of accredited lenders and increasing our reach across Australia. We are now considering international markets
10. What other fintechs or companies do you admire?:
Stripe
Afterpay
11. What’s the most interesting or funniest moment that’s happened in your company’s lifetime?:
Our tech Co-Founder was in a car in Ireland on his way to the airport when the platform was accidentally launched live on social media by a business advisor prior to full testing. Richard had to work while using his phone internet in the car as well as in 2 airports during his 24 hour flight back to Australia.
