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Rich-lister and Count Financial founder Barry Lambert has invested in a fintech business he believes is “the next generation” in mortgage broking efficiency.
LoanDolphin, a loan bidding platform, has successfully raised a total of $1.1 million from key investors to expand its presence in major capital cities in a bid to claim a stake in Australia’s $1.5 trillion home loan market.
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Strategic investor Barry Lambert – who founded Count Financial in 1980 and sold the company to CBA in 2011 for $373 million — provided $1 million. The remainder was provided by fintech investment firm H2 Ventures.
The seed funding values the Sydney-based fintech start-up at $5 million post capital raising rounds.
LoanDolphin is one of a handful of new online players, or fintech companies, that have entered the mortgage market over the last 12 months. The free online platform allows customers to refinance or obtain new home loans at rates not advertised by banks or lenders. Mortgage brokers, lenders and banks bid to win customers’ business on the platform, which claims to have delivered an average saving of $5,254 per year to home owners. The platform was launched in February 2016.
“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. Mr Lambert said the platform is “the next generation” in mortgage broking efficiency and borrower savings.
“It is a much more efficient prospecting tool for mortgage brokers and therefore enables them to pass on those savings to borrowers,” Mr Lambert said.
“The system has been written by bankers who understand the mortgage broking industry and therefore understand the real issues for borrowers, brokers and banks.
In August, LoanDolphin reached a significant milestone with more than $100 million worth of home loans auctioned on its platform.
[Related: Brokers more likely to disrupt than be disrupted]
