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Fintech mortgage brokerage Finspo has completed a $2.55 million capital round to provide a “fully robo mortgage broking experience for customers”.
Victoria-based fintech brokerage Finspo has announced it has completed a Series D capital round and raised $2.55 million in equity funding to scale up its business and advance its end-to-end digital experience.
Finspo officially launched in November 2020, offering online mortgage broking services (including a system that allows customers to collaborate with brokers within a shared workspace) and a personal finance management app.
It operates an end-to-end digital process, with users being able to lodge documentation and use e-signatures, as well as speak to brokers via video conferencing. The app, which is also available to non-Finspo customers, then helps users track their home loans.
The new funding will reportedly help Finspo build on its home loan digitsation platform to further automate the mortgage application process.
It said it was hoping to eventually provide borrowers with the "option of a fully robo mortgage broking experience".
CEO and co-founder Angus Gilfillan commented: "We’re excited to be pushing the boundaries on how smooth the home loan process can be, while providing the customer-specific expertise that people value from a mortgage broker."
"More Australians are accessing the expertise of a mortgage broker than ever before, not just to get a great home loan but to stay on a competitive rate over the life of their loan. Throughout their journey, we're committed to helping Aussies feel good about their home loan moves," he said.
The brokerage recently launched a Fixed Rate Ending Calculator to help borrowers understand what their repayments will become once they roll off their fixed-rate term and highlight the savings that could be had by refinancing.
“For many Aussies, once their fixed rate expires, their lender may not roll them onto the most competitive variable rate that they’re offering new customers, so it pays to know how much they could save on a better rate,” Mr Gilfillan concluded.
Last year, Finspo completed a $3 million funding round, funded by existing shareholders (two lead investors, who underwrote the round, and a number of “senior industry executives”.
Speaking last year, the CEO said: “Our end-to-end digital experience is designed to help Australians not only get a home loan, which is historically hard to get, but also pay it off faster.”
[Related: Finspo nabs Credo]
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