Aussie challenger bank Volt acquires neolender Australian Mortgage
Australian neobank Volt has acquired fintech Australian Mortgage as it seeks to deliver a digital mortgage solution. Financial details have not been disclosed.
Australian Mortgage launched its first digital mortgage application in 2019 and claims to provide its broker clients with verified approval in under 15 minutes and will settle funds within 24 hours.
Australian Mortgage will continue to operate under its own brand. The two companies had entered into a partnership earlier this year.
Volt has now fully acquired the non-bank lender and its credit decisioning solution, which it said will form a part of its banking-as-a-service (BaaS) offering. Volt uses Temenos’ T24 as its core system and offers its BaaS platform as Volt 2.0 on Microsoft Azure.
Volt-branded digital mortgages are currently being touted for the first half of next year.
The digital mortgage solution will be initially piloted via Australian Finance Group (AFG) brokers in the last quarter of 2021, before being rolled out to all AFG brokers in early 2022.
AFG recently invested AUD 15 million in Volt, giving it an 8% stake. At the time of the announcement, it was stated AFG would use Volt’s BaaS platform to supply its mortgage product to its brokers.
Speaking to The Adviser, Volt Bank’s chief customer and partnerships officer, Andrew Clouston, says: “Bringing in a lending component to our BaaS platform completes our transition from a fintech start-up to a full-service challenger bank with a multi-channel revenue capability, purpose-built to rapidly scale lending volume.”