An Australian home loan fintech has announced it has raised $11.5million in funding.
Tic:Toc has closed its Series B round of funding, which was led by Genworth Mortgage Insurance Australia Limited and Blackstone group entity La Trobe Financial.
The round includes both new and existing investors and adds depth to the Tic:Toc share register, which includes Bendigo and Adelaide Bank.
The funding will allow Tic:Toc to further advance the capability of its platform as well as build greater brand awareness.
It will also partially fund the fintech’s pending expansion into offering its automated assessment platform as a service to partners, as well as exploration of select international markets.
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Tic:Toc founder and CEO, Anthony Baum, said the successful funding round was a key step forward for the business as it enters a new phase of growth.
He said, “Tic:Toc has seen an overwhelmingly positive response since we launched in July last year. We’re thrilled to have closed a second successful funding round after our initial capital raise in May 2017, and bring on such high calibre institutional shareholders.
“The funds will support the organic growth we are experiencing, but also allow us to further invest in our business for strategic growth.
“We want to relentlessly pursue and embrace new technologies to ensure Tic:Toc remains the radical and smarter way to secure home finance, and this funding allows us to do that.”
Genworth Australia CEO & managing director, Georgette Nicholas said, “We are excited to be part of the Tic:Toc venture which aligns with us looking for innovative ways to provide lenders mortgage insurance.”
Blackstone Portfolio Company La Trobe Financial president and CEO, Greg O’Neill, said, “We’re thrilled to support Tic:Toc as they define a new category in home finance – automated home loan assessment and approval.
“At a time when lending is under scrutiny for outdated practices, Tic:Toc’s unique approach to home finance will benefit the market significantly and is deployable and scalable. We look forward to partnering with Tic:Toc on a range of opportunities.”
Baum said the Series B funding was also an opportunity to continue to deliver on its promise to customers.
He said, “We firmly believe in providing our customers a faster, simpler and more transparent way to get a home loan, and to a larger extent, redefining the home finance landscape on a world stage.”
Since its launch, Tic:Toc has amassed a loan portfolio of more than $170m and received over $1.2b in value of submitted home loan applications.
It has also grown its team substantially to nearly 50 people and with new partner and growth opportunities is looking to grow its team to 200 people by 2020.
