Sydney-based startup Downsizer has secured A$3.75 million in seed funding to boost its innovative SaaS platform operating at the intersections of fintech, proptech, and insurtech. Correlation Australia Holdings (CAH) led the round, with existing shareholders, including family offices and high-net-worth individuals, also participating.
CAH is affiliated with Lombard Insurance Group (LIG), which specializes in building profitable insurance partnerships with growing entrepreneurial businesses for distributing insurance products. LIG operates in South Africa, the UK, Europe, and Australia, where it includes Assetinsure and strategic partner Deposit Power.
Deposit Power underwrites the Deposit Power Downsizer Bond, which allows individuals to use their home equity to back a deposit bond and secure a new dwelling without a cash deposit. The bond is available to investors and simplifies the home transition process for older owner-occupiers.
Downsizer’s proprietary risk assessment technology simplifies the application process through an automated valuation model and demographic data insights. The platform aids property developers, real estate agents, financial advisors, mortgage brokers, lenders, and insurance brokers in engaging with Baby Boomers and Gen Xers aged 50+. It offers digital content, market insights for lead generation, and a national property marketplace for developers to list off-the-plan properties.
CAH’s strategic investment will not only solidify the existing relationship with Deposit Power but also enable Downsizer to collaborate with other LIG family companies like Assetinsure in Australia. Downsizer’s team consists of experienced finance and property market experts who have worked with prominent banks and property developers.