Australia-based Tic:Toc collects $11.5m to support growth into new markets

Australia-based Tic:Toc, an online home loan platform, has collected $11.5m in its Series B round.

Genworth Mortgage Insurance Australia and Blackstone group’s La Trobe Financial led the investment. The funding also received commitments from existing and new investors who join the company’s current shareholder Bendigo and Adelaide Bank.

Tic:Toc is a digital home loan platform in Australia which offers real-time approvals. The platform has four types of home loans, live-in variable, live-in fixed, investment variable, and investment fixed.  All applications are handled digitally and there are no application, assessment or valuation fees.

Home loans originated by Tic:Toc are backed by Australia retail bank Bendigo and Adelaide Bank and are available to consumers across Australia. Since the platform launched last year, it has accumulated a loan portfolio of over $170m and received $1.2bn in value of submitted loan applications.

The equity round will be used to boost the capability of its platform and increase the brand awareness. Funds will also help Tic:Toc with expansion into offering an automated assessment platform as a service to partners, and growth into certain international markets.

Its team is currently just shy of 50, but the company is expecting to reach 200 staff members by 2020.

Tic:Toc founder and CEO Anthony Baum 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.

“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.”

Earlier in the month, fellow Australian marketplace lending FinTech Joust collected $700,000 in its crowdfunding campaign. The company is an online loan auction platform where lenders bid against each other to win consumers, ensuring the best rates.

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