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Melbourne-based digital mortgage broker Finspo has secured $3 million in equity funding towards scaling up and attracting more Australians to its platform that takes the effort out of applying for home loans.
Finspo, which also announced it has acquired the mortgage lending portfolio of Victorian financial services group Lanteri Partners, will use the funds to accelerate product development and expand its team of mortgage specialists to meet heightened demand.
“Hard working Australians notoriously end up paying more interest simply by being loyal to their lender and with rising interest rates, that is only going to get worse,” Finspo CEO and co-founder Angus Gilfillan said.
“We created Finspo to be an end-to-end solution for those who are looking to get onto the property ladder, but also save money throughout the life of their loan.”
The company, now in its third year of business, says it has achieved a 60 per cent average quarterly growth rate in settlements over the last five quarters, and has been assisting Australians in buying property and refinancing with a better deal.
“Our end-to-end digital experience is designed to help Australians not only get a home loan, which is historically hard to get, but also pay if off faster,” said Gilfillan, who previously worked for ANZ and National Australia Bank.
The co-founder said the company’s latest developments, like its new application tracker, were helping customers stay in the loop, giving clients a sense of control and enabling them to communicate more effectively with the team.
“This is an exciting moment for everyone at Finspo, and for all our customers,” Gilfillan said.
“We’re seeing the customer experience and broker experience improve at a rapid rate, which can only help to deliver a better outcome for more Australians.”
The funds have also supported the acquisition of Lanteri Partners’ mortgage lending portfolio. While a purchase price was not provided, Finspo says the Melbourne-based wealth management firm has more than 1,000 customers who will be supported by the new owner.
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