Brisbane’s ‘non-bank’ WLTH announces $5m seed funding round

Brisbane’s ‘non-bank’ WLTH announces $5m seed funding round

Digital lending and payments provider WLTH has today announced the opening of its $5 million seed funding round, as it races towards its growth projections of $330 million worth of residential and commercial loans by the end of FY21.

The Brisbane-based fintech will use the funds to accelerate the growth of its proprietary technology platforms, ahead of the upcoming launches of its B2C payments app ‘WLTH Pay’ and loyalty program ‘WLTH + Loyalty’, as well as make key hires for its newly opened Sydney office.

The capital injection will bring WLTH’s total raised capital to $6.44 million, after an initial $1.44 million founder investment round at the end of 2020.

WLTH has generated in excess of $121 million worth of enquiry volume and has over $86 million worth of approval volume via its flagship low-interest Lending Loop offering.

Co-founder and CEO of WLTH, Brodie Haupt said, “This investment will allow us to have a comfortable buffer to cover all of the significant costs and OPEX required to launch our next two offerings, whilst also allowing us to meet the requirements of our growing team.

“Since the start of 2021, we have been lucky enough to get our hands on some winning talent here at WLTH. We have recently hired ex-MYOB executive Jo-Ann Chung as our Chief Producer Officer, as well as David Chapman who joins us as our Chief Technology Officer. David brings with him a wealth of experience, holding previous roles at American Express, Westpac, Xinja, and G&C Mutual Bank.

“With lofty targets to settle and a mandate to really shake up the property lending space in Australia; this seed round will definitely put us on the right path to reaching our goals” Haupt concluded.

The seed round officially opened on 17 February, with applications of interest closing on 15 March 2021. WLTH also has plans to open a Series A round in June 2021, with the goal of raising $20 million.

Founded in Brisbane in 2019 by serial entrepreneurs Brodie Haupt, Drew Haupt, Darren Hodgkin, and John Kerr, WLTH is on a mission to refresh the financial services industry in Australia through bringing to market a suite of tech-centric products, including feature-laden transactional accounts, a powerful payments application, a high-value loyalty system and a pipeline, including a myriad of further fintech solutions.