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The home loan marketplace has let go of some of its key BDMs and confirmed it is restructuring and looking for a buyer to “position it for future growth”.
Online home loan marketplace platform Joust has confirmed it is looking for a buyer and is restructuring the business as it looks to survive in “shifting market dynamics.”
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The platform, which was launched in 2016 by former major bank executive Matt Bevan to allow lenders to compete for home loan deals through a live digital auction process, connects borrowers with suitable lenders and brokers for their home loan needs.
While the company has reportedly helped many Australians save on their home loan repayments and provided brokers with “high-quality prospects”, the fintech has now announced a series of strategic initiatives aimed at bolstering the company’s financial health and repositioning it in the current market.
These include a restructuring of its sales functions to allow for “further focus on its platform and technology” and engaging in a sale process for the business.
It has also moved to streamline its operations, letting go of some key business development managers.
In a statement, the company said: “As the financial landscape evolves, Joust recognises the need to adapt to shifting market dynamics. In response to the current market conditions, Joust has taken several strategic measures to position it for future growth…
“While these decisions were not made lightly, they are seen as essential steps to create a leaner and more agile organisation that can better navigate the current market.”
Joust CEO Carl Hammerschmidt stated: “While these decisions are always difficult, we understand the importance of adapting to changing circumstances.
“As we continuously improve our market-leading technology and platform, we will also continue to work with our 50+ lender partners and ensure that it remains an important tool for them to develop their deal pipelines going forward,” Mr Hammerschmidt said.
“The restructuring allows us to focus on our highly mature and highly scalable technology and platform. Our restructuring efforts are aimed at ensuring Joust remains resilient, competitive, and able to continue delivering value to our customers, partners, and shareholders.”
Joust has said it will continue to work with all existing supplier partners and will continue to deliver new features and services for the marketplace platform and Joust Connect products.
Business sale
In addition to restructuring, Joust has revealed it is now undertaking a sale process for the business.
It is reportedly in discussion with a range of potential investors and partners who “can potentially bring value to support Joust’s future growth ambitions.”
Mr Hammerschmidt commented: “We are actively exploring a sale process for the business to secure the next phase of Joust and continue our mission of helping Australians achieve their financial goals and supporting the lending industry for growth.”
The company said it hopes to find a partner who shares its vision of “empowering consumers and enhancing the mortgage industry.”
Mr Hammerschmidt said Joust’s ongoing commitment to customer-centric solutions and its focus on excellence “remains unwavering throughout this transitional period”, adding that its core services, including the Joust Connect platform for mortgage brokers, continue to operate with a focus on providing “high-quality leads and exceptional customer experiences for borrowers and lenders.”
[Related: Joust and Nectar Mortgages enter partnership]
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