Brokers

Nov
22

Loan fintech launches recruitment drive

Digital mortgage service uno has embarked on a new recruitment drive to expand the firm’s staff by 50% over the coming six months. This initiative has been the result of recent insights gained from consumers – learnings which have grown the business rapidly over the past few months, uno founder and chief executive officer Vincent Turner told Australian Broker. “As a result, we’re ready to take this up a notch,” he said. uno is now recruiting across three separate roles within the company: consultants, home loan advisors and support. “A lot of what people are joining uno for is we have a massive focus on the training and mentoring approaches […]

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Oct
24

Fintech to link banks, brokers and regulators

Australian fintech MoneyCatcha has partnered with global bank HSBC in a trial of its two blockchain platforms with the aim to improve loan turnaround times and reduce compliance spending for the banks. MoneyCatcha has developed loan processing platform Homechain and regulatory risk review tool Regchain which are both powered through the same internal blockchain engine. The fintech has partnered with HSBC Bank to trial the use of its Regchain software which helps regulators capture and review information from lenders through regular reports detailed at a level that each lender is comfortable with, CEO and founder of MoneyCatcha, Ruth Hatherley told Australian Broker. “We are completely agnostic in terms of how […]

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Oct
09

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 […]

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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 […]

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Sep
01

P2P lender reaches 2,000 brokers

Peer-to-peer lender RateSetter has accredited 2,000 brokers on its lending platform, amidst a rise in P2P popularity within the general public. Lending volumes through the broker channel, especially in auto and home improvement loans, are doubling every six months, according to the lender’s most recent settlement figures. Across the direct and broker channels, RateSetter has also passed $150m in lending facilitated since 2014. In the last five months alone, lending grew 50% across both channels, passing the $100m milestone in March. “Our brokers tell us that having access to RateSetter’s low-rate personal and business loans gives them a great way to help their clients achieve their goals, whether that is […]

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Aug
23

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 […]

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Aug
21

Fintech launches broker version of ‘Fitbit’

HashChing has introduced a Fitbit-like service which allows brokers to “dig deeper” into analytics, track performance and hold themselves “accountable to customers”. The upgrade is centred on a new performance analytics function that measures each broker’s personal metrics, including the number of reviews, the average response time and success rate. By allowing brokers to track their performance indicators and understand how those indicators impact overall ratings, HashChing hopes that the dashboard will act as a “powerful motivator” for brokers to improve service. Atul Narang, chief information officer of the fintech, said that the update was made in response to industry discussions around driving positive consumer outcomes in the mortgage industry. […]

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Jul
25

Search for 2017 Fintech 100 innovators kicks off

Nominations are now open for the 2017 KPMG & H2 Ventures Fintech 100, the annual list designed to recognize leading fintech innovators.   Visit www.fintechinnovators.com by Thursday, 31 August 2017 and nominate your company, or any fintech you think should be considered for the Fintech 100.   The Fintech100, available at www.fintechinnovators.com, is compiled by fintech investment firm, H2 Ventures in collaboration with KPMG’s Global Fintech practice. The annual Fintech 100 includes both the leading 50 established fintechs, and the most intriguing 50 “emerging stars.”   How to nominate and the judging process: Nominations for the Fintech 100 can be made at www.fintechinnovators.com website by Thursday, 31 August 2017.   […]

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