WLTH secures $14m in investment round
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The news: Brisbane-based digital lender WLTH has closed a $14 million funding round for an acquisition and software sharing deal. WLTH will buy digital mortgage firm Mortgage Mart with part of the proceeds, while investors including PNG's Kina Bank and Rajomon will use WLTH software tools in their fintech offerings.
The numbers: The acquisition will take WLTH's loan book to more than $1.5 billion. Mortgage Mart's portfolio is in excess of $1 billion, WLTH said in a statement. For every mortgage settled, WLTH pledges to clean 50 square metres of Australian coastline. It said it has cleaned 450,000 square metres to date.
The context: Kina Bank and Rajomon will use WLTH's core capability engine and payments platform, and the partnership aims to grow both Kina and WLTH's customer bases in the APAC region and Australia respectively.
What they said: "By introducing innovative new products and streamlining application processes, including auto decisioning and electronic documentation, Aussies will be able to apply for Mortgage Mart loans in less than 15 minutes," WLTH co-founder and CEO Brodie Haupt said in a statement.
The source: Media Release
