FinTech firm Finspo secures $2.55m for digital mortgage platform upgrade

FinTech firm Finspo secures $2.55m for digital mortgage platform upgrade

Melbourne’s online mortgage broker, Finspo, has reportedly secured a $2.55m Series D funding round.

This four-year-old company, launched by ex-bankers in 2020, has continued to make strides in the FinTech industry since its inception.

The recent investment was earmarked for upgrades to Finspo’s digital platform, although the investors involved in this round remain undisclosed, according to a report from Startup Daily.

Finspo primarily focuses on digitising and automating the home loan application process. Its ultimate ambition is to deliver a fully automated mortgage broking process, providing a seamless experience for users. The platform aims to simplify the complex journey of home loans, offering a streamlined, user-friendly solution.

The newly acquired funds will be utilised to enhance Finspo’s platform, ensuring that it continues to be a leader in the mortgage FinTech landscape. By incorporating innovative features and tools, Finspo intends to make the home loan process as smooth as possible, while still delivering the customer-specific expertise that people value in a mortgage broker.

Finspo’s platform includes a range of digital aids such as an application tracker, an online portal for secure document uploads, and a fixed rate ending calculator. These tools assist borrowers in navigating the home loan process, especially in an environment of increasing interest rates. Over the last 18 months, Finspo has seen an average settlement growth of 127%, indicating a strong market demand for their services.

CEO and co-founder Angus Gilfillan emphasised the company’s commitment to innovation. Gilfillan said, “We’re excited to be pushing the boundaries on how smooth the home loan process can be, while providing the customer-specific expertise that people value from a mortgage broker.”

This latest investment follows previous successful funding rounds. Finspo raised $2.7m in a Series A in November 2020, $4m in July 2020 which it used to acquire rival Credo, and a further $3m in a Series C in July last year.

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