Leading loan bidding platform receives $1m seed funding to disrupt market

Leading loan bidding platform receives $1m seed funding to disrupt market
Leading loan bidding platform receives $1m seed funding to disrupt market

Key investors at LoanDolphin, Australia's leading loan bidding platform, have raised $1.1 million to expand its presence in major capital cities.

Strategic investor Barry Lambert provided the bulk of the total, giving $1 million. The rest came from finch investment firm H2 Ventures.

Lambert made his money by selling Count Financial, a company he founded in 1980, to Commonwealth Bank in 2011 for $373 million.

The company are hoping to claim a stake in Australia’s $1.5 trillion home loan market.

LoanDolphin is a free online platform that allows people to refinance or obtain new home loans at rates not advertised by banks or lenders.

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Launched in February 2016, LoanDolphin have delivered average savings of $5,254 per year to home owners.

They offers customers a simple and efficient way to get the lowest interest home loan rates for free.

In August, LoanDolphin reached more than $100 million worth of home loans auctioned on its platform.

It takes around three minutes for customers to (anonymously) upload their home loan requirements before mortgage brokers, lenders and banks start bidding to offer them the best home loan rates which are never advertised.

“We are extremely excited by the capital boost which will help us accelerate our growth plans,” LoanDolphin CEO Ranin Mendis said.

“Barry’s involvement is extremely valuable to LoanDolphin and strong validation of our model and market opportunity,” Mr Mendis said.

LoanDolphin will use the funding to reach more customers, develop the team and to introduce new features to the platform.

“LoanDolphin’s bidding platform is the next generation in mortgage broking efficiency and borrower savings,” Lambert said.

“It is a much more efficient prospecting tool for mortgage brokers and therefore enables them to pass on those savings to borrowers.

“The system has been written by bankers who understand the mortgage broking industry and therefore understand the real issues for borrowers, brokers and banks,” Mr Lambert said.

He added that LoanDolphin understands exactly where substantial financial and time efficiencies could be achieved while dramatically increasing a borrower’s user satisfaction.

 

 

 

Tags: 
Sydney Loandolphin

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