Joust looks to raise up to $700,000 in its crowdfunding campaign

Australia-based Joust, which connects home loan customers with lenders, has launched a crowdfunding campaign with a $700,000 goal.

The crowdfund, which is being raised at a pre-money valuation of $4.6m, has a hardcap set at $2m. There is a minimum contribution from investors of $500 and has 17 days left to back.

There is a total of 13 per cent of equity available to investors, but this is likely to increase if the sale surpasses its initial $700,000 target.

At the time of writing, the campaign, which is being raised via On Market, has raised $260,730 from 92 individual investors.

Joust is an online loan auction platform where lenders bid against each other to win consumers, ensuring the best rates. The platform connects borrowers with up to 21 lenders, where they can view real-time bids for their business.

The mobile app works by a user stating what they want the loan for (mortgage, refinancing, etc), selecting the desired amount and whether they want variable or fixed. After this, lenders submit their offers and a leaderboard gives the borrower a clear image of the best offer. They then have 24 hours to select the offer they want.

The company’s lending partners include Bendigo Bank, Bank of Melbourne, AdelaideBank, imb Bank, Hume Bank, bankfirst, BankVie and Auswide Bank, among others.

Earlier in the month, Australia-based Airwallex closed an $80m Series B round to support its international expansion. The company offers cross-border payment solutions including money transfers through payment collection, foreign exchange and local payment distribution.

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