Tic:Toc selects MuleSoft to power instant online home loan service
MuleSoft, the leading platform for building application networks, today announced that financial services startup Tic:Toc has selected MuleSoft’s Anypoint Platform™ to power it’s real-time home loan approval system. Since conception in 2015, Tic:Toc has been working to create a fully automated online home loan application system. In July of this year, the Adelaide-based Fintech launched Tic:Toc and unveiled their new platform which they believe offers loan approval in just 22 minutes, compared with the industry average, which they claim takes 22 days. The service digitally evaluates a borrower’s suitability in real-time by calculating variables, such as property valuation, borrowing ability, credit checks and the validation of financial records. MuleSoft was […]
Westpac increases investment in mortgage broker start-up uno Home Loans with $5m
Westpac Banking Corporation has increased its majority stake in digital mortgage broking platform Uno, ploughing another $5 million into the company. The big four bank has now invested about $26.5 million into the venture and owns 92 per cent of ordinary shares, according to Australian Securities and Investments Commission documents. Factoring in shares that are subject to vesting, on a fully diluted basis Westpac still owns more than three quarters of the company. Founder and chief executive Vincent Turner told The Australian Financial Review the funding provided by Westpac had given the fintech start-up a leg up it couldn’t have had otherwise. “If we wanted to move fast, learn fast […]
Fintech slams aggregator “monopoly”
A heated statement by emerging fintech Hero Broker has accused major aggregator groups of working together and stacking the deck against newcomers to the industry. In a submission to the Productivity Commission’s Inquiry into Competition in Australia’s Financial System released last Wednesday (27 September), Clint Howen, founder of Hero Broker, called upon the commission to examine the role that aggregators play in the market. He recounted his experiences with the major aggregator groups, claiming that Hero Broker was denied entry into the market despite meeting the Australian Securities and Investments Commission’s (ASIC’s) compliance regulations. He claimed that there was a “collective discussion” between key figures within the mortgage industry to […]
IDC names top 10 fastest growing fintech companies in A/NZ
IDC Financial Insights has unveiled a list of 10 fast-growing fintechs in Australia and New Zealand (A/NZ) as part of the broader FinTech 101 list for Asia/Pacific. “IDC’s FinTech Fast 101” refers to the fast-growing fintech players in Asia/Pacific based on extensive on-ground analysis of the dominant fintech players within the region. 10 Fastest Growing FinTechs in Australia and New Zealand Afterpay Touch Group Airwallex CoinJar Data Republic Harmoney HashChing identitii Prospa SocietyOne Xero Note: List is arranged alphabetically, Source IDC, 2017 IDC’s fintech list makes a reference to the Financial Insights’ Triple U framework — ubiquity, utility, and usability. This is a framework that evaluates fintech data across key metrics such as addressable […]
Digital banking has way to go: neobank Xinja’s Eric Wilson
The way neobanks see it, digital banking has barely scratched the surface, with newfangled banking apps nothing more than digitised versions of analog capabilities. It’s a view strongly endorsed by former National Australia Bank executive Eric Wilson, who is the co-founder of Australia’s first neobank Xinja — a 100 per cent digital bank (presently under construction) that’s designed entirely for the mobile market. Xinja’s submission to the Productivity Commission’s consultation paper on competition in the financial system, lodged yesterday, encapsulates why it stands alone in this country, in contrast to the proliferation of neobanks in countries like Britain (Monzo, Starling, Atom Bank and Tandem), and Germany (N26 and Fidor). Thankfully, […]
Can home loans be approved in 22 minutes?
South Australia-based fintech firm Tic:Toc recently launched the world’s first complete online home loans platform. It will be the first online home loan platform to offer customers home loan approval in 22 minutes, as opposed to the customary 22 days. Aside from expediting the loan approval process, Tic:Toc will also pass on the cost savings of digitisation to their customers via competitive interest rates, as well as no application, settlement, or valuation fees. Backed by Bendigo and Adelaide Bank, this new fintech venture promises to bring new jobs and investment to South Australia. Moreover, the Weatherill government has approved a $900,000 grant to Tic:Toc via Investment Attraction South Australia’s (IASA) […]
Fractional investing company BrickX adds Adelaide to its portfolio
BUYING pieces of a property — rather than an entire house — is gaining traction as Australians seek fresh ways to enter the increasingly expensive real estate market. Fractional investing company BrickX this week launches its first property in Adelaide — its first purchase outside the big cities of Sydney and Melbourne — and plans to buy in Brisbane and Hobart within the next 12 months. But BrickX’s platform — which divides a residential property into 10,000 units or “bricks” for buyers to share in its growth and expenses — is not only appealing to a traditional investment crowd. More than half of the 6500 users it has attracted since […]
Broker channel needs to be ‘undercut’, says fintech boss
The founder of an online mortgage marketplace says there is too much “fat” in the home loan value chain and believes there is space for a non-advice model in mortgage distribution. Joust managing director Mark Bevan, who worked at CBA and Westpac before launching the online mortgage bidding platform in 2015, said that Joust is focused on lowering the cost of origination for lenders and borrowers. Joust targets Australian borrowers with good credit scores and simple needs. While he understands that customers with more complex needs will require the services of mortgage brokers, Mr Bevan believes that his model offers a cheaper alternative to traditional third-party distribution. “The mortgage broker […]
