Funding.com.au, an online mortgage marketplace for borrowers and investors, has raised $3.7 million AUD in a Series A funding round from local venture capital fund Equity Venture Partners (EVP).
Les Szekely, EVP – Co-founder – Director (left); Jack O’Reilly, funding.com.au – CEO – Founder (middle); Daniel Szekely, EVP – Investment Director (right)
The investment included both a debt and equity component to continue the development of its online mortgage marketplace, connecting a growing market of borrowers seeking loans and investors looking for opportunities to invest in the short-term first-mortgage market.
Following the investment, Daniel Szekely, Investment Director at EVP, will be joining the Funding.com.au board of directors.
“In the same way Prospa and Moula have brought efficiency and trust to small business loans, Funding.com.au is now bringing that experience to non-bank secured loans. With historically low-interest rates and banking regulations making it more difficult to obtain credit, we are simultaneously providing investors with access to secure, first mortgage loans, and borrowers with access to capital in a trusted environment. We believe Funding.com.au is well placed to become a key player in Australia’s $1.8 trillion mortgage market,” Daniel Szekely, Investment Director at EVP said.
For borrowers, the fintech utilises technology to streamline the loan experience in what has traditionally been a fragmented market, plagued with paperwork, lengthy delays and less than desirable lenders.
Funding.com.au was founded in 2015 by experienced mortgage lawyer, Jack O’Reilly, and has quickly established itself as a reputable non-bank mortgage lender, trusted by both borrowers and investors in the short term first mortgage market.
For investors, our platform provides direct access to short and medium-term mortgage returns, a rewarding asset class that has traditionally been guarded by the banks and sophisticated investors. Using our platform, anyone can ‘be the bank’ and invest with an opening balance of $5,000,” said Jack O’Reilly , Founder and CEO.
“We are innovating in a space that is desperate for change. Our platform is the first non-bank lender locally to introduce a true peer-to-peer platform for retail investors in Australia and to be fully licensed for consumer credit. Unlike many other prominent Australian peer-to-peer lenders offering unsecured investments, our investments are backed by first mortgages over Australian real estate.”
Since launching, Funding.com.au has returned 100% of all capital and interest whilst simultaneously growing its loan book over five times in the last 18 months.
For more information visit: www.funding.com.au
