Login
ISCOVER
The digital mortgage brokerage has secured $3 million of funding and acquired a mortgage book as it looks to scale its home loans team.
Victoria-based fintech brokerage Finspo has announced it has completed a Series C funding round, raising $3 million in new equity funding commitments.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
The round, funded by existing shareholders (two lead investors, who underwrote the round, and a number of “senior industry executives”) completed on 9 June 2022.
The equity aims to help Finspo accelerate the development of its end-to-end digital experience for customers and expand its team of mortgage specialists to meet demand.
Finspo chief executive and co-founder, Angus Gilfillan, commented: “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.”
The proprietary tech aims to help customers start their mortgage application online (by enabling them to see how much they can borrow or how much they can save), and – once a loan has been submitted following a broker meeting – then track their application once lodged and approved.
The technology also provides real-time insights and alerts on how to avoid fees and save on interest and hence pay down their home loan faster.
“This is an exciting moment for everyone at Finspo, and for all our customers. We’re seeing the customer experience and broker experience improve at a rapid rate, which can only help to deliver a better outcome for more Australians,” Mr Gilfillan said.
As well as supporting the acceleration of the technology’s development, the money has also helped support the brokerage’s acquisition of a loan book from Melbourne-based financial services company Lanteri Partners (the size of which has not been disclosed).
The acquisition will see Finspo service the mortgages of Lanteri’s existing clients, and will also see Finspo service leads from new clients, too.
Mr Gilfillian told The Adviser that Finspo had purchased a “high-quality existing book with fantastic clients, and partnered with Lanteri Partners for their clients’s new lending needs”.
He said the lending partnership enables Finspo to “focus on what it is best at – seamless mortgage lending” and Lanteri Partners to focus on their strength, which he said was “giving strategic and honest financial planning and investment advice”.
The CEO and co-founder said that the three-year-old brokerage was continuing to prepare for growth as rate rises have led to a surge in demand for broker services and refinancing support.
“Hard working Australians notoriously end up paying more interest simply by being loyal to their lender and with rising interest rates, that is only going to get worse,” he concluded.
“We created Finspo to be an end-to-end solution for those who are looking to get onto the property ladder, but also save money throughout the life of their loan.”
The digital mortgage brokerage last year purchased Melbourne brokerage Credo, gaining a team of seven, including three brokers.
The move saw Credo co-founders Frank and Nathan Taddeo take on senior roles in the merged company, with the former becoming senior lending expert, while the latter continues as Finspo’s chief lending officer.
[Related: Finspo nabs Credo]
JOIN THE DISCUSSION