Tic:Toc, a fintech startup based in Adelaide, has raised $11.5 million in a Series B funding round led by Genworth Australia and La Trobe Financial. The startup, founded by former Bendigo and Adelaide Bank executive Anthony Baum, promises a speedy loan approval process of just 22 minutes, thanks to its ‘digital decisioning system’, which can approve online applications almost instantly and without human intervention. The startup’s loan portfolio has exceeded $170 million since its launch, with over $1.2 billion worth of home loan applications submitted. The funding will help support the startup’s organic growth and facilitate further investments for strategic expansion, including international expansion plans and offering the automated assessment platform as a white-label service.
Georgette Nicholas, CEO and managing director of Genworth Australia, an ASX-listed lenders mortgage insurance provider, expressed her excitement about joining Tic:Toc, as it aligns with the company’s search for innovative ways to offer lenders mortgage insurance. Tic:Toc is among several fintech startups focusing on the home loan sector. One such startup is Uno Home Loans, which raised an additional $25 million in funding from Westpac this year, with a goal to serve 10% of Australia’s mortgage customers by 2028. Athena, which was founded by former NAB bankers Nathan Walsh and Michael Starkey with $3 million in seed funding last June, raised $15 million in a Series A round earlier this year. Athena is developing a “cloud-native” platform to help customers find the best home loan, partnering with superannuation funds to provide loans, rather than connecting customers to a bank or other provider.
