Fintech mortgage broker Finspo secures $3m to accelerate growth and support acquisition
Finspo, a disruptive digital mortgage broker, has achieved new equity funding commitments of $3 million to scale up the number of Australians they can help and drastically reduce the effort involved in home loans for both their customers and brokers. Finspo has also acquired the mortgage lending portfolio of Melbourne-based financial services group, Lanteri Partners.
Approaching their third year in business, Finspo have already made a strong name for themselves, achieving a 60% average quarterly growth rate in settlements over the last five quarters. They’ve not only helped a multitude of Australians land a new property, the team have also seen an influx of clients looking to refinance and get a better deal, particularly since the recent rate rises.
“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. 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,” said CEO and Co-Founder Angus Gilfillan.
This round of funding will help Finspo accelerate the development of its end-to-end digital experience for customers and expand its team of mortgage specialists to meet demand.
“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.
New developments like Finspo’s application tracker help customers stay in the loop with the progress of their home loan. This not only gives customers a greater sense of control, it helps Finspo’s team to communicate more efficiently with them.
“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,” added Gilfillan.
This funding round also supported the acquisition of the Lanteri Partners 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 Finspo will continue to support for their lending needs.