Westpac pumps $16.5m into three-month old mortgage startup

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fintech insurtech wealthtech regtech ai cybertech esg news

Australian bank Westpac is continuing to plough money into the region’s fintech companies by investing $16.5m in online mortgage startup uno.

Launched just three months ago, uno’s technology is designed to provide users with direct access to financial services based on their needs, aided by real-time support and advice.

The Sydney-based startup claims to have settled millions of dollars’ worth of loans through its platform.

uno’s founder and CEO Vincent Turner said, “We’ve grown to 34 employees to meet the service demands of thousands of registered customers who have used the platform to compare more than $400m worth of mortgages.”

The investment by Westpac comes a month after the firm pledged another $50m for its venture partner Reinventure Group to back Australian and New Zealand fintech startups.

Westpac’s chief strategy office Gary Thursby said, “Westpac is proud of its reputation as a supporter of early stage fintech companies like uno that drive digital innovation and benefit Australians.”

Copyright © 2016 FINTECH GLOBAL

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