Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

New asset finance app launches

technology technology sme logo
Annie Kane 5 minute read

Verimoto, launched by technology company Lakeba, has been created in a bid to make the loan application process more efficient for privately owned motor vehicle finance, particularly for second-hand cars.

According to Lakeba, the app replaces the need to arrange for a physical inspection.

How it works

The Verimoto process is initiated by the broker contacting the seller of the vehicle by text or email, requesting they download the Verimoto app.

Advertisement
Advertisement

From there, pictures and documentation can be uploaded, which will identify the seller; confirm the vehicle’s registration, ownership and location; and verify the seller’s bank details so money can be transferred.

Verimoto then automatically sends all the information to be checked and verified against the databases of the relevant government bodies, with a report being generated for the lender to review ahead of finalising the loan.

Speaking of the app, Giuseppe Porcelli, CEO and founder of the Lakeba Group, said: “Built with the input of major lenders, Lakeba designed the mobile application to capture and automate all the verification documentation required to generate a report for the lender, removing the need for the financier to arrange a physical inspection of the vehicle.

“This is the first such application specific to the resale of a vehicle and a perfect example of how technology innovation can drive automation and significantly lift efficiency.”

Aggregator Connective has already partnered with Lakeba to make the Verimoto app available to its brokers to help them transact the vehicle loan process with greater speed and efficiency.

PROMOTED CONTENT


Head of Connective Asset Finance Brent Starrenburg said: “The Verimoto app will transform the way people access finance to fund the purchase of a privately owned motor vehicle.

“Aside from the cost and time efficiencies afforded by replacing physical verifications and inspections, the app’s advanced technologies also provide meaningful fraud mitigation benefits using real-time database checks, geolocation verifications and biometrics.”

He added: “We are always looking for ways to assist our member brokers to build efficiencies into their operations, and Verimoto is the latest example of how we are achieving this objective.”

[Related: ]

New asset finance app launches
technology
TheAdviser logo

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

technology
Annie Kane

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Email Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

more from the adviser
Blake Albones Bank announces new head of home lending distribution

MyState Bank has hired the CEO of RateOne and former NAB head of ...

Sydney Sydney mayor launches business support, calls for JobKeeper

Sydney’s mayor has urged the federal government to resurrect Jo...

mortgage payments money Banks accused of bias against BNPL in lending process

An executive from buy now, pay later provider Zip has echoed repo...