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The broker technology firm has said that it is looking to expand both domestically and offshore after raising $1.2 million in seed funding.
Financial technology company Effi (short for “efficiency”) has completed a seed round to boost strategic partnerships and product development.
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Investors participating in the $1.2-million raise included Australian seed investment group Investible, US-based venture capital fund Hustle Fund, as well as several (undisclosed) mortgage industry “leaders and brokers”.
Following the successful completion of the raise, the broker fintech said the platform would now gear up for growth and propel its development both here and offshore.
Mandeep Sodhi, Effi’s founder and CEO, said he was “delighted” that the platform raised a “significant amount of funds”, adding that it had come “at the perfect time” given it had recently released the final version of its Smart Lead Management and Automation platform and launched a partnership with RateCity.
“The funding boost will enable us to double down on our partnership efforts and ramp up product development as we strive to address the most common issues plaguing the mortgage broking process,” the Effi CEO said.
“At Effi, we are committed to powering and supporting the mortgage broking industry rather than disrupting it.
“Our main goal is to keep innovating the platform to make it as seamless and helpful for brokers as possible. I believe this year we are in good stead to achieve this goal,” Mr Sodhi added.
Participating investors highlighted the potential for Effi to provide brokers with a single, unified platform to manage client opportunities.
“Effi brings a new level of data-driven intelligence and efficiency to the mortgage broking industry and is led by an experienced founder with deep industry experience,” said Daniel Veytsblit, investment director at Investible.
“The platform solves two of the great pain points for brokers, lead generation and efficiency. As early investors, we are excited to see the growth of the platform in the mortgage industry and adjacent lending segments.”
[Related: Broker fintech partners with RateCity]
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