Bridgit, previously known as TechLend, has successfully raised $7.7 million in its latest equity funding round, which was co-led by OIF Ventures and Perennial Partners. This financing will help the non-bank lender to expand its revolutionary bridging loan product.
Bridgit specialises in providing bridging loans and employs its own technology to offer consumers same-day approval. Co-founded by entrepreneur Aaron Bassin and mortgage broker Nick Jacobs, Bridgit’s goal is to enable all homeowners to purchase their next home quickly and seamlessly. In addition, the company has received support from a finance debt facility based in Silicon Valley, USA.
Bridgit, a fintech firm specializing in bridging loans, has rebranded and processed $400 million in loan applications in the past year. With its newly acquired funding, the company plans to improve its technology to enable Australians to access the equity in their homes without having to sell first. The investment will be directed towards enhancing product capabilities and further developing Bridgit’s innovative software solution that utilizes property data to assess risk and provide approvals within an hour.
Aaron Bassin, Bridgit’s Chief Executive, stated that the funding round’s strong demand from investors is a clear indication of confidence in the company’s future. He added that the funding would enable Bridgit to build out its team and establish a successful business culture that is poised to disrupt the industry. Bridgit aims to use the strategic investor’s support to scale its technology across Australia, confident that its product will transform how people finance their next home.
In addition, Bridgit intends to strengthen relationships with its broker partners who have traditionally struggled to support borrowers in the bridging loan space through traditional lending avenues. The firm is dedicated to serving homeowners who desire greater flexibility in utilizing the equity in their homes for the next stage of their lives.
Jerry Stesel, Co-Founder and Partner at OIF Ventures, expressed satisfaction with partnering with Bridgit in the latest funding round. He lauded the company for identifying a problem for Australian homebuyers and developing an elegant and effective solution. Stesel further stated that Bridgit’s focus on technological innovation aligns with their strategy of investing in high-growth businesses.
Bridgit, offers a unique solution for homeowners who want to buy their dream homes but face constraints from traditional lenders. According to recent data from the ABS, new loan commitments for housing rose 4.4% to a record high value of $32.8 billion (seasonally adjusted) in December 2021, which has led to a growing acceptance of non-bank lenders with innovative solutions.
Ryan Sohn, Portfolio Manager at Perennial Partners, believes that the Australian lending sector is ready for disruption due to strong property prices and a growing mortgage debt to GDP ratio. He is pleased to support Bridgit in their mission to provide homeowners with a better alternative and looks forward to seeing the company continue to innovate and expand in the market.
Bridgit was founded by Aaron Bassin, former Head of Strategy at MoneyMe, and mortgage broker Nick Jacobs, who were frustrated with the limitations of traditional home loans. Their company offers fast liquidity to help homeowners buy their dream homes, even if they are held back by traditional lenders.