Melbourne-based four-year-old online mortgage broker Finspo has raised another modest round, raking in $2.55 million in a Series D for upgrades to its digital platform.
The company did not disclose who supported the increase.
Founded by ex-bankers in 2019 and launched in 2020, Finspo previously raised $2.7 million in Series A in November 2020, $4 million in July 2020, acquiring crosstown rival Credo, then $3 million more in a Series C in July last year.
Co-founder and CEO Angus Gilfillan, a former head of consumer finance at NAB, said thee-finance will help Finspo improve its platform, which digitizes and automates the home loan application process ahead of its ambitions to deliver a fully automated mortgage brokerage process.
“We are excited to push the boundaries of how smooth the mortgage process can be while providing the client-specific expertise that people value from a mortgage broker,” he said.
said Gilfillan Finspo has seen one an average of 127% settlement growth over the past 18 months alongside a range of digital tools, including an aapplication tracker combined with an online portal for secure document uploads, plus a fixed-rate calculator to help borrowers trying to calculate how much their repayments will rise amid the RBA’s continued rate hikes.
“For many Aussies, when their fixed rate ends, their lender may not roll them over to the most competitive variable rate they offer new clients, so it pays to know how much they can save on a better rate,” he said.
“More Australians are using the expertise of a mortgage broker than ever before, not only to get a great home loan, but also to maintain a competitive rate over the life of their loan.”
The Reserve Bank of Australia has now raised rates 11 times in the past 12 meetings, bringing the cash rate to 3.85% and the lowest available mortgage rate is now around 5%, with many floating rates above 6%.
Minutes from last week’s RBA board meeting, released today, stated that “members also agreed that further rate hikes may still be necessary, but that this will depend on how the economy and inflation evolve” .