Tic:Toc, a fintech company based in South Australia, recently announced that it has secured an additional $24 million in funding. This funding round, known as Series D, brings the total raised to $54 million. IAG Firemark Ventures, an existing shareholder, led the round.
The purpose of this funding is to revolutionize the digital lending sector by leveraging Tic:Toc’s fully automated credit underwriting processes, which are powered by the company’s proprietary AI-driven lending platform. The company aims to enhance the platform’s development, expand its modularization and scalability for application both in Australia and internationally. Additionally, Tic:Toc intends to grow its retail business, utilizing it as a testing ground for its platform solutions.
Anthony Baum, the CEO and founder of Tic:Toc, expressed his enthusiasm about the backing from IAG, Australia’s largest general insurance company. Baum believes that IAG’s continued investment signifies the success of Tic:Toc’s platform-focused business model, which has facilitated over $4 billion in settlements since the company’s establishment in 2015.
Baum stated, “We are thrilled to have IAG Firemark Ventures continue its investment in our platform. The continued support from our shareholders signals confidence in our strategy and demonstrates capital is available for sustainable organizations that are solving critical market problems.”
It’s important to note that Tic:Toc, headquartered in Adelaide, should not be mistaken for the Chinese social media giant TikTok. Following the second tranche of Series D funding, Tic:Toc now holds a valuation of approximately $230 million. The company had previously raised $30 million in February 2022.