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The automated repricing and home loan refinancing company has closed its seed round after raising $1.5 million from private investors.
Sherlok, a tool which launched in June this year to help brokers refinance and reprice their back book, has closed a seed round of $1.5 million.
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Adam Grocke, Sherlok CEO and founder, said the seed funding will allow the company to focus on new features and move into the next stages of development.
For example, the tech company now hopes to launch its broker-branded customer portal, which connects to open banking for live data feeds, to further accelerate their broker onboarding, advance key recruitment hires, and push Sherlok into phase two of growth.
Mr Grocke said that the seed round attracted interest from VCs and aggregators, which was a step towards forming new partnerships.
“These funds allow our amazing team to focus on a whole bunch of exciting features, including live data connections to allow brokers to see actual interest rates, current loan products and loan balances for each client,” he said.
“But what has surprised me the most is how quickly we’re moving into phase two - single click refinancing.
“We’ve had bank execs call our 1300-number wanting to explore how they can work with Sherlok, so our 12-month strategy has been brought forward.
“It’s really going to reshape the whole industry and drive amazing customer outcomes.”
The company has grown from two to 16 full-time employees and recently hit a milestone of nearly $3 million in home loan interest saved for brokers’ customers, and is monitoring over 35,000 home loans across Australia.
It also recently announced a partnership with sub-aggregator Redrock and, in December 2021, took home the gong for Best Fintech Home Loan Service at the Australian FinTech Awards.
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