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The venture arms of two major banks have both invested in minority stakes in the commercial technology platform for brokers.
NAB Ventures and 1835i (ANZ’s venture capital arm) have both confirmed that they have invested in CitoPlus, the commercial fintech for brokers. The two companies have both taken a 8 per cent stake (16 per cent stake total).
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The digital platform, which was specifically designed for commercial brokers and their customers and onboarded its first lender in 2023, automates the collection and structuring of customer information ahead of loan submission, thereby streamlining commercial loan processing.
The (undisclosed) investments form part of CitoPlus’ broader capital raise ambitions, which aim to fund the acceleration of CitoPlus’ growth amid rising broker adoption and an expanding number of partnerships with lenders and aggregators. Indeed, ANZ announced earlier this week that it would be switching on digital loan applications for commercial customers from next year, joining Westpac and NAB.
While the two venture arms of ANZ and NAB will be stakeholders in the company, the fintech will continue to operate systems for other lenders and onboard new lenders, too.
The two co-founders, Graham Strain and Richard Winkett, both welcomed the investment from the two venture companies and said the funding would help it deliver its mission of expanding its “broker-centric and lender-agnostic seamless digital loan application experience for business customers”.
“We are delighted to confirm investments by ANZ/1835i and NAB Ventures as part of our commitment to delivering a compelling digital solution for brokers and their business clients,” CitoPlus co-founder Strain said.
“A combination of human judgement and digitisation is the future of SME lending. By working with aggregators, lenders and other key participants, we can help brokers and their clients by making the right tailored solution easy to source.
“Our lender partners are looking to set new benchmarks for faster, better and more efficient experiences for business customers.”
Commenting on its investment, the CEO of 1835i, Justin Greenstein, said: “We are thrilled to announce our investment in CitoPlus, led by exceptional founders whose vision and drive are truly inspiring.
“This partnership reflects our commitment to empowering brokers and small-to-medium enterprises (SMEs) across Australia with innovative solutions that simplify and strengthen their businesses.
“Together, we’re building a future where brokers and ANZ’s SME customers can thrive, driving innovation and growth across Australia.”
Amanda Angelini, a NAB Ventures executive, said: “We’re always on the lookout for things that are going to provide faster, safer, more streamlined options for NAB customers.
“NAB Ventures has identified CitoPlus as a disruptor in the SME lending market, and we’re excited to take a stake in the company as it grows. CitoPlus has the capability to help brokers move to a digital solution that improves data quality, information security, and reduces the risk of fraud.
“NAB Ventures continues to work with our business partners to explore how we provide our customers and colleagues with the latest technologies.”
[Related: Another major partners with CitoPlus]
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