Fintech mortgage broker Finspo secures $4m to accelerate growth and acquires Credo
Finspo, a disruptive digital-first mortgage broker, has achieved new funding commitments of $4m to help accelerate growth and acquire established Melbourne-based mortgage broker, Credo.
Launched in 2020, Finspo is on a mission to help Australians pay off their home loans faster. Combining deep industry expertise and best-in-class technology, they are helping customers save thousands of dollars each year and shave years off their home loans.
“Home loans are hard to get, expensive to keep and take too long to pay off for hard working Australians,” Finspo CEO, Angus Gilfillan, said.
“We have a unique proposition in the market, combining a seamless home loan experience with an always-on app to help you pay it off faster”.
RBA data published for May showed that the weighted average interest rates for new home loans funded in the month were actually 0.48% lower than outstanding loans.
“With some simple changes, Australians with an average home loan size of $400,000, could potentially save $50,000+ over the life of their loan. Plus, they could be paying it off 2 years and 7 months earlier if they maintain their repayments. That’s a huge win for home owners,” said Gilfillan.
This round of funding will help Finspo accelerate growth by expanding its team of mortgage specialists to keep up with customer demand, whilst continuing to invest in its technology platform to drive efficiencies and make saving easier for customers.
“We are seeing record levels of demand from customers ready to engage with an expert who is truly on their side. Our loan application volumes are increasing on average by 50% each month and are helping more Australians pay off their loans years earlier to achieve true home ownership”.
Finspo is the only mortgage broker who can provide an ‘always-on’ app experience post settlement, nudging customers when savings opportunities arise by combining customer banking data, industry intel and advanced algorithms. The Finspo app is free to download and use.
“It’s like having a team of industry experts always looking out for ways you can save and pay off your home loan faster,” Gilfillan said.
The funding round also supported the acquisition of Credo. With a long history in mortgage broking, Credo is a highly reputable and experienced business with over 1,000 customers which will offer scale benefits to Finspo, and an opportunity to deliver additional value to their loyal customer base.
“What I love about Finspo is not only do they make it really easy to get a loan, but they also help you pay it off faster,” Credo Co-Founder, Frank Taddeo, said.
“Even if you already have a loan, the Finspo app is a great way for Australians to have peace of mind about their finances,” Taddeo said.
Credo co-founders Frank and Nathan Taddeo will both play active roles in the growth of the business, with Frank as Senior Lending Expert and Nathan to continue as Finspo’s Chief Lending Officer after moving to Finspo in 2020. Both Credo and Finspo clients will continue to receive the dedicated service they’ve come to expect.
“Nathan and Frank are true professionals of the mortgage broking industry, bringing immense value and insight to our business and customers. We are thrilled to have them join forces with the Finspo team,” Gilfillan said.
“This is an exciting moment for everyone at Finspo and Credo, and for all of our customers. It allows us to speed up the transformation of the home loans experience for Australians – making it easier for them to get a great loan and importantly, pay it off faster.”