Sydney startup Bridgit raises $14.6m Series A for bridging loan tech

Sydney-headquartered fintech Bridgit has completed a $14.6m Series A capital raise led by OIF Ventures to help accelerate the next evolution of its tech-driven lending platform, combined with a new $125 million debt facility from a leading global bank that will support an extra half a billion dollars in annual residential property finance.

Since it was founded in 2021 by Aaron Bassin and Nick Jacobs, the tech-driven provider of bridging loans has facilitated lending for more than $700 million in residential property and has recently seen its revenue grow at 90 per cent year-on-year rates.

After vacancy levels hit record lows in 2023 and finding short-term rentals became more difficult, the situation has been exacerbated this year as the median time for houses to sell rose to 36 days in the first quarter of calendar 2024. This led to a scenario where homeowners risk missing out on new opportunities while their current property remains on the market.

Bridgit has addressed this by offering same-day residential bridging loans of up to $4 million with a digital decision engine that is capable of providing conditional approvals in as little as four minutes.

The latest capital injection allows the fintech to introduce a new 12-month loan term alongside investment in technology and automation, while funds will also be deployed towards enhancing the existing technology. 

"Property is at the core of Australian culture. We take pride in our homes and the equity we have built up, with homeownership being a big part of ‘the Aussie dream’. Homeowners deserve to have more options and flexibility when considering their next steps," says CEO and co-founder Aaron Bassin, who was a Sydney Young Entrepreneur Awards finalist in 2022 and 2023. 

"Buying now, selling later gives homeowners a way to jump on property opportunities without getting caught in the sell-buy limbo. We set out to help homeowners take their desired next steps, without the inconvenience of selling first, by ultimately unlocking the equity tied up in their current home.

"With the new funding, we are doubling down on our mission of being a vital resource for Aussies seeking to navigate the property market with confidence."

Prior to starting Bridgit, Bassin worked at KPMG in debt capital markets providing advisory services to the likes of Prospa Group (ASX: PGL), Zip Co's (ASX: ZIP) predecessor Zipmoney and Brighte, before leading capital and strategy at MoneyMe (ASX: MME) where he played a key role in the company's 2019 ASX listing.

"I led the successful completion of MoneyMe’s ASX listing, helped raise over $500 million in finance and led MoneyMe’s innovative product development across personal loans, credit cards and car finance," Bassin told Business News Australia last year as part of the Sydney Young Entrepreneur Awards.

"After helping so many fintechs find success, I saw an opportunity to transfer my skills into my own company."

He said the startup's mission was born from his own personal experience chasing the "great Australian dream" of home ownership.

"During this time, I quickly discovered the difficulties in accessing suitable property finance from a young age," he said.

"I knew there had to be a better way for Australians to purchase their dream home, and began designing solutions to fix the overly complicated and largely manual processes used by traditional lenders.

"Bridgit helps homeowners buy on their own terms and harnesses custom-built tech that gives borrowers a fair deal without getting bogged down in paperwork or slow approval timelines."