Startup uno secures $400 million in mortgage deals in first three months

Westpac Banking Corp has invested $16.5 million in the fintech firm uno, which allows mortgage customers to broker their own home loan.

Around 400 mortgage products are offered through uno. 

uno will compete against two ASX-listed companies, AFG and Mortgage Choice, and Aussie Home Loans and also compete against the banks. 

In the three months since the startup launch, uno has attracted more than a thousand active users and the dollar value of mortgages sold through the platform is more than $400 million.

It allows users to see and compare all of the information about a loan that a traditional broker would access.

The founder Vincent Turner told the Australian Financial Review the company was founded after he spent the past five years in Silicon Valley

The commission paid by banks using uno is roughly equivalent to what is paid to traditional mortgage brokers.