Effi, an AI-powered company revolutionizing the mortgage broking process, has successfully secured a significant funding round led by Investible, a renowned Australian seed investment group, along with the participation of US-based Hustle Fund and key players from the mortgage industry. The funds raised in this round will fuel Effi’s expansion plans, both nationally and internationally.
Mandeep Sodhi, the founder and CEO of Effi, expressed his excitement about the timing of this investment, coinciding with the recent launch of the platform’s full version and their partnership with RateCity, which provides brokers with enhanced profile visibility and brand growth opportunities. Sodhi emphasized that this financial boost will allow Effi to intensify its partnership initiatives and accelerate product development, with a specific focus on addressing the common challenges that impede the mortgage broking process.
Effi, which was launched by Sodhi in June of the previous year, caught the attention of investors due to its potential as a comprehensive platform that enables brokers to efficiently manage client opportunities. Sodhi highlighted that the broker market share is projected to increase from the current 60% to 70%, as homebuyers increasingly seek support in navigating lender options and avoiding loan rejections.
Brokers who participated in Effi’s pilot program last year experienced a remarkable improvement in their conversion rates, with double-digit increases observed from initial inquiries to loan settlements. Sodhi attributed this success to Effi’s SMS bot, which achieved an impressive response rate of over 80% from cold leads.
Daniel Veytsblit, the Investment Director at Investible, expressed his admiration for Effi, commending its ability to provide data-driven intelligence and enhance efficiency within the mortgage broking industry. Veytsblit emphasized that Effi addresses two major pain points for brokers—lead generation and efficiency—and expressed excitement as an early investor to witness the platform’s growth in the mortgage industry and related lending sectors.
With an extended runway resulting from this funding round, Sodhi now aims to empower brokers to make significant strides in a mortgage market inundated with over 5,000 products, especially at a time when major banks are attempting to sideline brokers. Sodhi’s primary goal is to continually innovate the Effi platform, making it as seamless and beneficial as possible for brokers. He expressed confidence that this year holds great promise for achieving this objective.
