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Finspo nabs Credo

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Sarah Simpkins 7 minute read
A digital mortgage broker run by former big four executives has acquired Melbourne brokerage Credo. 

Finspo launched in November, offering online mortgage broking services and a personal finance management app – which uses banking data and algorithms to prompt users on potential savings for their loans.

It operates an end-to-end digital process, with users being able to lodge documentation and use e-signatures, as well as speak to brokers via video conferencing. The app, which is also available to non-Finspo customers, then helps users track their home loans.

Finspo has marketed the app as aiming to help customers finish repayments sooner, with chief executive Angus Gilfillan telling The Adviser that “once you have a home loan, there’s no one really helping you pay it off”.


“A lot of banks and brokers will help you get that first loan or get your home loan but then, once originations happen, they’re not helping you and giving you insights along the way to reduce the balance of that home loan as quickly as possible,” he said.

Finspo has now purchased Melbourne brokerage Credo, gaining a team of seven, including three brokers.

With the move, Credo co-founders Frank and Nathan Taddeo have gained senior roles in the merged company. Frank Taddeo has become senior lending expert, while Nathan Taddeo will continue as Finspo’s chief lending officer, after moving to Finspo in 2020.

Mr Gilfillan commented the two businesses will complement each other, with the merged group to potentially cater to customers’ preferences for an all-digital process, or a face-to-face interaction with a broker.

“It’s a really good fit with Finspo. In terms of being a fintech mortgage broker, we’ve got some really great financial services capabilities with a lot of execs out of the big banks that used to run the big mortgage portfolios like myself and Brad Gravell. We’ve got a really great tech and [development] team,” he said.


“And what Credo gives us is more of that mortgage broking capability and scale. So, we’re ticking all those boxes in terms of being a fintech broker, and making sure we’ve got the best available people in each of those disciplines.”

The transaction was bankrolled by a recent $4-million funding round, which the company has indicated will help achieve its growth ambitions.

Currently, Finspo has a team of around 30 staff, with Mr Gilfillan indicating the fintech intends to add more brokers.

“We’re doubling applications every month at the moment, and we’re on track to settle probably over $40 million in August in new home loans,” he said.

“As we continue to grow, we’ll continue to bring on more specialists, and we haven’t put a cap on how many that will be.”

He added that Finspo will continue to scale the business for the next few years.

Finspo has been founded and operated by a team of former big four executives and managers, including its CEO, who had appeared before the royal commission as NAB’s executive general manager for consumer lending. Previously, Mr Gilfillan had been head of mortgage product at ANZ.

Chief operating officer Brad Gavell (mentioned before by Mr Gilfillan) had also previously been general manager, consumer lending – business and private, at NAB, after being general manager of home loans and commercial loans at ANZ.

Finspo chief experience officer Bill Armour had been general manager, strategic growth, consumer lending and head of business initiatives, consumer lending at NAB, after holding senior roles in ANZ’s home loan division.

Josh Brougham, now Finspo’s chief product officer, was head of pricing, home loans at NAB, after six years with ANZ.

Former NAB senior consultant for lender’s mortgage insurance, Kristen Boulton, has also joined Finspo as its general counsel.

“The experience that myself and the co-founders have had does uniquely position us to really level the playing field for Australians, when it comes to managing their home loans,” Mr Gilfillan said.

“When you work with Finspo, or you use Finspo, you’re getting the knowledge and insight from the people who used to run the big home loans portolios, design the products, build the technical capability, design their pricing engines, and you’re getting all of that capability in your hands to help you pay down your home loan faster.”

[Related: TechLend launches new ‘BNPL’ bridging loans]

Finspo nabs Credo
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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is the news editor across Mortgage Business and The Adviser.

Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.

You can contact her on This email address is being protected from spambots. You need JavaScript enabled to view it..


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