Australian startup bags $21.4m in series A money to digitize home lending

Australian fintech startup Verteva said it has raised A$33 million (US$21.4 million) in series A funding from investment services firm Bolton Equities.

Photo credit: Frances Gunn

Founded last year, the Sydney-based startup aims to build a data-driven digital alternative for customers in the home lending space. The company, which has been in stealth mode up until now, looks to use the new funds for market entry, product development, and business expansion.

“With the vast majority of mortgages originating in face-to-face meetings, using paper-based forms and manual credit assessment processes, the home loan industry is badly outdated,” said Verteva CEO and founder Andrew Walker.

“Changes in the current distribution model are likely to accelerate to be more digitally based, aligning with those of the US and European markets,” he added.

The company plans to streamline the processes by moving it online, using data-driven decision-making and recent advancements in tech to create a frictionless customer experience.

Bolton Equities CEO Chris Dinnen said that the strength and experience of Verteva’s leadership team set them apart from other companies looking to disrupt the lending industry.

Walker leads Verteva with founding chief experience officer Chris Lumby. The duo previously worked together in executive roles for an Australian bank and financial services provider Westpac.

Headquartered in Auckland, Bolton Equities invests in several private companies and charities in New Zealand, Australia, the UK, and the US. Its portfolio includes companies operating in the fintech, tech-enabled services, healthcare, and entertainment sectors.

Currency converted from Australian dollar to US dollar: US$1 = A$1.53.