Fintech drops interest rates
A fintech has announced rate cuts across its investor home loans, including a 32 basis point reduction to its variable interest only product. Tic:Toc said the decision comes at a time of falling investor lending. The group has noticed a 33% drop in investment lending in the last quarter to November 2018. According to figures from the Australian Bureau of Statistics, the value of investment loans has also dropped by more than 20% over the last year and investment housing commitments fell by 0.9%. Tic:Toc founder and CEO, Anthony Baum, said now may be the opportune time for investors to secure a competitive rate via Tic:Toc’s digital platform. He said, […]
APAC Alternative Finance report shows impressive growth
Australia is second only to China in market volume. The alternative finance industry continues to thrive according to the 3rd Asia Pacific Region Alternative Finance Industry Report by KPMG and the Cambridge Centre for Alternative Finance (CCAF) released this week. The global fintech sector has seen $117 billion invested in the last year, with $28 billion invested in Asia Pacific alone. Across the region, over 100,000 small- to medium-sized enterprises (SMEs) used alternative finance in 2017 and SMEs accounted for 61% of all alternative finance volume. The Australian market was 2nd only to China for the 3rd year running, raising over $1.14 billion in 2017, an increase of 88% on […]
Digitisation of loan variations ‘more important than ever’
The renewed focus on responsible lending has brought into focus the need for lenders to digitise the loan variation process for brokers, a technology sales director has said. Speaking to Mortgage Business, NextGen.Net’s sale director Tony Carn said that more lenders needed to focus on offering digital loan variations in order to “empower brokers to actually look after customer transactions on an ongoing basis”. Mr Carn noted that lenders had historically focused on digital loan applications for new loans but often neglected similar offerings for variations to existing loans – such as switching from interest-only to principal and interest repayments, moving from a fixed rate to a variable rate, the […]
Home loan fintech raises $25m
A fintech start-up is celebrating a $25million raise as it continues on its pathway to becoming Australia’s “most innovative home loan provider”. Athena Home Loans, which is still in its pilot phase, has closed its most recent Series B raise led by Square Peg Capital. Industry super fund Hostplus and venture firm AirTree also joined the round, taking the group’s total capital raised to date to $45m. The Series B raise comes six months after the company announced a Series A fund raise led by Macquarie Bank and Square Peg Capital and three months after announcing a strategic partnership with Resimac Group. Powered by Australia’s first cloud native digital mortgage […]
Bendigo embraces fintech to offer instant home loans
In its bid to improve its services for potential mortgage clients, Bendigo Bank has partnered with fintech provider Tic:Toc to offer instant home loans starting early next year. The partnership enables Bendigo to utilize Tic:Toc’s platform in offering an automated assessment on home-loan applications. The bank was the first Australian lender to offer a digital home-loan application and assessment process under its own brand. Tic:Toc first launched the platform in July 2017, offering a streamlined digital fulfilment process. Tic:Toc founder and CEO Anthony Baum said the platform promises to cut expenses needed to process and deliver home-loan applications, resulting in cost efficiencies on the side of the lenders. “There’s actually […]
Prospa recognised in the Deloitte Technology Fast 50 Australia awards for Leadership
Prospa, Australia’s number one online small business lender, has ranked 5th for Leadership and 20th overall in the 2018 Deloitte Technology Fast 50 Australia Awards. The awards rank Australia’s fastest growing public or private technology companies based on their percentage revenue growth over the last three years (2016-18). To qualify, each company must have minimum cumulative revenues of $8m over the period. The Leadership category recognises those technology companies who have won a place in the Technology Fast 50 Australia list and whose strong track record of growth has generated cumulative operating revenues greater than $50 million. Beau Bertoli, joint CEO of Prospa said: “We’re delighted to be recognised as […]
How one fintech is changing the mortgage industry
Customers choosing home loans have traditionally either negotiated directly with banks or worked with a broker to secure the best loan that particular broker could find them. But with hundreds of lending products on the market and many brokers working with panels that limited them to a small subset of loans, consumers lacked the information to ensure they were getting the best rates and product features. Fintech Hashching has turned the process on its head by negotiating and de-branding a range of home loan products, which are then referred to brokers along with customer prospects. Because customers choose loans based on their attributes and aren’t told which organisation the loan […]
Lumi raises $31.5m to improve small business lending
Australian fintech company and alternative lender Lumi has announced it has raised $31.5 million in Series A funding as part of its plans to give small- and medium-sized enterprises easier access to finance. As a result of the funding, Lumi will become the first pre-revenue fintech business lender to offer a warehouse securitisation program in Australia. By combining its application programming interface (API) with traditional credit data and the applicant’s social impact, Lumi aims to streamline the loan application process for small business owners. Yanir Yakutiel, founder and CEO of Lumi, says the company is trying to solve the key issues of alternative lending for small businesses. “We saw a […]
