Joust announces new corporate partner post-BDM lay-offs 

Joust said Lendela “operates a distinctive reverse auction model for personal loans”, which ensures consumers “receive multiple loan offers with a single application, free of charge and devoid of concealed fees”.

The platform said the new partnership with Lendela aims to simplify the lending process and empower Australians on their financial journey by extending their support beyond home loans.

Chief executive of Joust, Carl Hammerschmidt, stated the two businesses had “a lot of synergy”, with consumers needing to navigate both the home loan and personal loan journeys with the partnership adding “tremendous value to both businesses’ services”.

Mr Hammerschmidt added: “At Joust, we’ve always been at the forefront of innovation, and today, we’re thrilled to share that we’ve joined forces with the lending experts at Lendela to revolutionise the world of personal loans.

“Similar to Joust, Lendela operates on a unique reverse auction model – but for personal loans. This exciting partnership opens up a world of new possibilities for growth.”

Joust’s search for a buyer amid restructuring

The partnership comes approximately a week after Joust announced it was looking for a buyer, and as the business laid off several key BDMs as part of a move to help the company survive the “shifting market dynamics”.

The loan marketplace platform, which launched in 2016, restructured its sales functions to allow for “further focus on its platform and technology”, engaging in a sale process for the business and looking to streamline its operations by letting go of several key business development managers.

In a statement, Joust said: “As the financial landscape evolves, Joust recognises the need to adapt to shifting market dynamics. In response to the current market conditions, Joust has taken several strategic measures to position it for future growth…

“While these decisions were not made lightly, they are seen as essential steps to create a leaner and more agile organisation that can better navigate the current market.”

Mr Hammerschmidt said at the time: “While these decisions are always difficult, we understand the importance of adapting to changing circumstances.

“As we continuously improve our market-leading technology and platform, we will also continue to work with our 50+ lender partners and ensure that it remains an important tool for them to develop their deal pipelines going forward.

“The restructuring allows us to focus on our highly scalable technology and platform. Our restructuring efforts are aimed at ensuring Joust remains resilient, competitive home loan rates tailored to their individual profiles.”

Along with the restructuring, the platform is also undertaking a sale process for the business, with Joust stating it hopes to find a partner that shares its vision of “empowering consumers and enhancing the mortgage industry”.

Mr Hammerschmidt commented: “We are actively exploring a sale process for the business to secure the next phase of Joust and continue our mission of helping Australians achieve their financial goals and supporting the lending industry for growth.”

[Related: Joust lays off BDMs, looks for buyer]