Digital mortgage broker platform Finspo has received new equity funding of $3 million to scale up its business and accelerate growth.
The goal of the new funding is to boost the number of Finspo customers can help and reduce the effort required for both clients and brokers when it comes to home loans.
Finspo has also acquired the mortgage lending portfolio of Melbourne-based financial services group Lanteri Partners, which offers a range of services including private wealth management, business advice and estate planning.
Finspo CEO and co-founder Angus Gilfillan (pictured) said Finspo had already made a strong name for itself by achieving a 60% average quarterly growth rate in settlements over the last five quarters.
“We have not only helped a multitude of Australians land a new property, but the team have also seen an influx of clients looking to refinance and get a better deal, particularly since the recent rate rises,” Gilfillan said. “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.”
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Gilfillan said Finspo was an end-to-end solution for those who were looking to get onto the property ladder, but also save money throughout the life of their loan.
“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,” he said. “This round of funding will help us accelerate the development of our end-to-end digital experience for our customers and expand our team of mortgage specialists to meet demand.”
Gilfillan said Finspo’s new developments, such as its application tracker, would help customers stay in the loop regarding the progress of their home loan.
“This not only gives customers a greater sense of control, but it helps our team to communicate more efficiently with them,” he said. “This is an exciting moment for everyone at Finspo and for all our customers. 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.”
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Gilfillan said the new funding acquired would support its mortgage lending portfolio.
“With a long history in wealth management, financial planning, accounting and mortgage broking, Lanteri Partners is a highly reputable and experienced business with over 1,000 customers, which will continue to support Finspo’s lending needs,” he said. “We are thrilled to have Lanteri Partners on board.”