Brokers can now submit commercial loans via the CitoPlus platform when using TP24 under its first lender integration partnership.
Tech platform Cito+ (CitoPlus) has announced its first lender integration, partnering with business lender TP24 to provide brokers with a “streamlined pathway to yes”.
The digital platform, which was specifically designed for commercial brokers and their customers and launched into market in April 2022, automates the collection and structuring of customer information ahead of loan submission. It can be integrated into a lender’s system to enable lodgements.
The new, integrated experience went live to commercial brokers using TP24’s non-amortising lines of credits in November.
Speaking to The Adviser, the tech platform’s co-founders, Graham Strain and Richard Winkett, said that the platform “delivers a more efficient process for commercial brokers” by automatically pulling data to assist in structuring a deal, providing an indicative approval, and enabling brokers to submit a deal directly to TP24 via the portal.
The co-founders said that the company had been “constantly enhancing [the] platform by adding new features and supporting more brokers to use [the] platform for their commercial deals” since launch and were “proud” and “excited” to now integrate with their first lender.
“We are immensely proud to bring on TP24 as the first integrated lender on the platform,” they said.
“[This] delivers a seamless experience for commercial brokers but more importantly, helps support SME customers get access to funding fast.
“Our mission at CitoPlus is to empower commercial brokers to deliver exceptional service and help more Aussie businesses with their growth ambitions.”
Adam Lane, the managing director of TP24’s Australian business, commented: “At TP24, it is all about how we can deliver better service to clients and brokers alike.
“We’re growing fast; customers and brokers love our unique Line of Credit product and this is evidenced by our business more than tripling in size during 2022.
“As we look forward to 2023, partnering with CitoPlus is a clear demonstration that, in addition to having an innovative product, we are investing in the broker experience to make it as seamless as possible.
“The work that CitoPlus is doing to bring much-needed innovation to the commercial lending process is something we’re excited about and very keen to be a part of.”
Looking forward, the two CitoPlus directors said that the company was continuing to deliver new updates and features to the platform (including changes to support commercial property deals and commercial home loans) and is working to bring online more direct lender integrations with lenders and aggregator CRMs in 2023.
“We have a continuous improvement focus at CitoPlus and deliver new updates and features to our platform each week,” they said.
“We are working to bring together commercial brokers, aggregators and lenders in a seamless experience for commercial brokers to structure and place deals in a quick, safe and efficient manner.”
[Related: Why the Consumer Data Right isn’t ready (yet) to help solve SME funding challenges]
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