x15 Ventures celebrates first major 'exit' as Unloan graduates into CBA division
The venture scaler, which is Commonwealth Bank’s unique take on a corporate VC, is set to more than double its revenue this financial year.
For a conventional venture capital firm, success might look like a lucrative IPO. For Commonwealth Bank’s x15 Ventures, success looks like Unloan.
The online home loan platform has grown from a project led by x15 Ventures — the bank’s take on a corporate venture capital (CVC) arm — into a division of Commonwealth Bank itself.
“If we were a CVC, this would be our first big liquidity moment, or our first successful exit,” said Toby Norton-Smith, x15 Ventures’ managing director.
x15 Ventures’ revenue increased by 400% in 2023, with this year’s figure expected to be up 250% from that larger base. Norton-Smith anticipates the organisation will break even in the next few years.
