This emerging company, headquartered in New South Wales, has positioned itself as Australia’s first auction-style Loans & Deposits marketplace, where banks & brokers bid for a consumer’s business.
An experienced, high profile Advisory Board is in place whilst the executive team has combined decades of experience in the Australian banking industry.
More about the company:
• They are building a Bank-as-a-Platform underpinned by open API’s and access to data
• Very strong early traction off a low budget. In less than 12 months, they have amassed over 10,000 members & over 1,200 lending requests totaling AUD $200m
• 130 contracts in place with Suppliers (Brokers, Lenders & Banks)
• They have built their own proprietary algorithm called the Financial Potential Profile which predicts a consumer’s financial potential over their lifetime
• Early Stage Innovation Company (ESIC) benefits may be available for certain investors:
Entitles the investor to a non-refundable carry forward tax offset equal to 20% of the amount paid for their qualifying investments. This is capped at a maximum tax offset amount of $200,000 for the investor and their affiliates combined in each income year
• Whilst not new offshore, this company has introduced a new type of credit scoring into Australia, scoring which the company believes will be the future for credit scoring & decision making by banks and lenders.
• The company’s technology & business is highly scalable and plans to expand in to Europe & South East Asia in the next 12-24 months.
• The two co-Founders are former banking experts with nearly 40 years’ combined experience in Credit Risk Management, Digital Transformation, Sales & Distribution
• The strong Advisory Board is led by an ex MD of renowned Australian media organisation / MD of a high profile Federal Government industry body as well as a mix of ex-Banking Group Executives and other specialists.
1. Retail customers looking for better deals on mortgage and cash products
2. ADI’s and related institutions looking for lower cost customer acquisition channels