Digital mortgage comparison company uno Home Loans has picked up a $25m investment from Westpac.
The funding from Westpac, brings their total commitments in uno to $51.5m. The firm initially invested in the company in 2016, just three months after its launch, supplying a $16.5m contribution.
Alongside this new investment, the company founder and current CEO, Vincent Turner, will step down as CEO in order to support further growth as the chief innovation officer. In this role, he will support the development of product and technology, as well as continuing to serve on uno’s board.
The company is still in the process of recruiting a new CEO.
Australia-based uno is a digital mortgage platform that lets consumers search, compare and acquire a home loan from 22 brands. Uno uses an algorithm to assess an applicant’s details, which it compares against lenders various interest rates, loan features and credit policies.
The company hopes to serve 10 per cent of Australia’s mortgage customers by 2028.
This branch of funding will enable uno to increase its product innovation and the scaling of its business. The company hopes to streamline its mortgage process and to double the size of its current team.
uno CEO and founder Vincent Turner said, “We grew our business 600 per cent in our first financial year ending 30 September 2017 and the next phase of our strategy – which this round of funding will support – will focus on our goal to support 10% of Australia’s mortgage customers to secure their home or invest in their future.â€
Last year, Westpac deployed a $40m strategic investment in to digital credit card solution ZipMoney. The funding came alongside a partnership which will see Westpac look to implement ZipMoney’s solution to its customers.
The Australian FinTech sector has been dominated by payments and remittance and marketplace lending companies. Together these sectors received 85 per cent of the total capital injected in the country.
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