Australian tech innovator, Blockbuilder, is set to raise $4 million for the international expansion of its cashless deposit solutions, targeting the United Kingdom and United States.
The funding round, initially offered to existing shareholders, has received a $2 million commitment from Correlation Australia Holdings (CAH), an affiliate of the international insurance group Lombard, positioning them as the lead investor.
Mark Macduffie, CEO and Co-Founder of Blockbuilder, expressed the company’s vision to eliminate cash deposits from major purchases, citing the success of their initial product, Downsizer.com.
Downsizer.com leverages Blockbuilder’s technology to facilitate a digital home-buying experience, enabling asset-rich homeowners to acquire their next property without a cash deposit.
“We sit at the intersection of property and surety bonds, and with Downsizer.com, we’re unlocking the wealth of the world’s largest asset class – residential property.”
Mark Macduffie, CEO and Co-Founder of Blockbuilder
Correlation Australia Holdings, a strategic investor, recognizes the uniqueness of Blockbuilder’s offerings. Director Lance Warner stated, “Blockbuilder is offering something new to the market that hasn’t been done before,” emphasizing their commitment to supporting innovative products.
Funds raised will fuel Blockbuilder’s expansion in both domestic and international markets. Macduffie revealed plans for entering the UK market, addressing the downsizing trend among homeowners aged 55+, with potential trillions of dollars in residential property value.
“This capital raise will propel us to the next level on an international scale,” Macduffie commented, highlighting Blockbuilder’s ambition to extend its cashless deposit solutions to various large-ticket purchases, including boats, agriculture equipment, and mining industry assets.
