Bridgit, the fintech leader in bridging finance, has announced a significant expansion in its funding capabilities. The company has increased its securitisation facility to $250 million, arranged by Citi as the senior financier.
This expanded financing will enable Bridgit to facilitate up to $1 billion in residential property transactions annually, expanding access to bridging finance for more Australians. Additionally, the increased funding will allow Bridgit to boost its technology investments, including further automation and the integration of Artificial Intelligence (AI) to enhance credit decision-making and streamline operations. Bridgit’s quickest approval this year was a rapid three minutes, and the company is committed to reducing this time even further.
In just two years, Bridgit has made significant strides, financing over $1 billion in property transactions, doubling its revenue year-over-year, and partnering with over two-thirds of Australian mortgage brokers. This expansive network empowers Bridgit to provide a seamless ‘buy now, sell later’ solution to a growing number of clients. The company’s commitment to growth is further evidenced by a 93% increase in its broker network over the past year.
Building on its recent momentum, Bridgit has secured another major milestone. The company’s partnership with Connective Home Loans to develop a white-label bridging finance solution will provide Australia’s second-largest broker network with access to Bridgit’s industry-leading product.
Aaron Bassin, Co-Founder and CEO of Bridgit, highlighted the significance of the funding increase, noting that it reflects the growing confidence in Bridgit’s innovative solutions. He emphasized that the expanded funding will further drive the company’s mission to provide more Australians with access to bridging finance. Bridgit’s goal is to help homeowners tap into their property equity, offering the flexibility to purchase their next home before selling the current one. This solution is designed to give Australian homeowners the financial agility they need during significant life transitions.
The fintech landscape is rapidly evolving, with non-bank lenders emerging as key players to fill the gaps left by traditional institutions. This increased competition is driving innovation and diversity within the financial services industry. With this additional $250 million in funding, Bridgit is well-positioned to accelerate its growth, enhance its credit policy flexibility, and expand its product offerings to cater to a wider range of property transactions, including higher-value homes. This will empower more Australians to achieve their property goals, whether it’s upsizing, downsizing, or investing.
Bridgit’s tech-driven approach enables it to approve loans within 24 hours, giving homeowners a competitive edge in today’s fast-paced real estate market. As interest rates decline and market competition heats up, property remains a key wealth-building tool for Australians. Bridgit is committed to helping homeowners leverage their property assets to maximize these opportunities.
