Australian lendtech Tic:Toc rocks up $11.5m funding
Australia-based lending start-up Tic:Toc has secured $11.5 million funding in a Series B round.
The round was led by Genworth Mortgage Insurance Australia and Blackstone group’s La Trobe Financial. It includes both new and existing investors.
The funding will be used for unspecified platform development and for “brand awareness”. It will also partially fund Tic:Toc’s pending expansion into offering its automated assessment platform as a service to partners, as well as exploration of select (and unnamed) international markets.
Anthony Baum, Tic:Toc founder and CEO, says: “We want to relentlessly pursue and embrace new technologies to ensure Tic:Toc remains the radical and smarter way to secure home finance, and this funding allows us to do that.”
Since its launch, Tic:Toc states that it has amassed a loan portfolio of more than $170 million and received over $1.2 billion in value of submitted home loan applications.
It has also grown its team to nearly 50 people; and is aiming to expand to 200 people by 2020.
As reported last year, Tic:Toc unveiled its online home loan platform, offering customers approval in 22 minutes.
The firm is backed by Bendigo and Adelaide Bank, as well as the State Government in South Australia, which approved a $900,000 grant to Tic:Toc through its Investment Attraction Agency’s (IASA) Economic Investment Fund.
Tic:Toc’s platform uses a digital system to assess and approve an online application in real-time, without the need for a human credit assessor.