The two fintechs are partnering to enable brokers to streamline the loan process when digitally submitting joint business and home loan applications.
Commercial lodgement fintech CitoPlus and serviceability fintech Quickli have entered into a commercial agreement to streamline the lodgement process for brokers submitting joint loan applications that include both business loans and home loans.
The integration – which is currently being built and is expected to launch in the coming months – will enable registered broker users of CitoPlus to access Quickli’s residential serviceability calculations, product information, and policy data.
This will enable brokers to handle and digitally submit both components of joint business and home loan applications in one submission, eliminating the need for separate submissions and reducing assessment complexity for lenders.
According to the two fintechs, this integration will save brokers hours of time in repetitive customer data entry and aims to accelerate the assessment process for both brokers and lenders, thereby accelerating turnaround times for business clients.
Speaking of the integration, Richard Winkett, co-founder of CitoPlus, said: “Quickli has an incredibly strong user base, reputation, and brand around home loan serviceability and policy, and the two platforms complement each other really well.
“Bringing the strength of Quickli together with the market-leading CitoPlus digital lodgement platform solves a genuine pain point for brokers who regularly handle deals with both residential and commercial components and builds on the digital lodgement already in place to lenders such as Westpac, Judo Bank, ING and many more.”
Other lenders that have recently launched the CitoPlus application technology include Thinktank, ANZ, and NAB. The venture arms of the two major banks both have minority stakes in the commercial technology platform.
Angus Keatinge, co-founder and co-CEO of Quickli, added: “The heart of everything we do is supporting brokers and making their lives easier. It’s a pleasure to partner with organisations like CitoPlus that share our commitment to streamlining broker workflows. This integration represents a natural evolution of our platform’s capabilities into the commercial lending space.”
The agreement is the latest development in the growth story at Quickli, which recently launched a broker forum, turned on an SMSF calculator for brokers, and has integrated into aggregator platforms, such as Mortgage Choice’s loan writing system.
Other recent fintech alliances in recent months include the agreement between Australian fintech LoanOptions.ai and New Zealand-based fintech Afterburner AI, which have formed a strategic alliance to deliver an end-to-end AI-powered digital lending solution across Australia and New Zealand.
The alliance will enable Afterburner AI to utilise LoanOptions.ai’s HAILO technology, which streamlines client onboarding, documentation collection, and the fact-find on the front end. Meanwhile, Afterburner AI will harness its technology for the back end, running serviceability calculations, compliance, and document management.
Together, they aim to eliminate administrative inefficiencies, boost adviser productivity, and accelerate loan settlements.
Both companies will retain their IP and existing partnerships, while collaborating to enhance efficiency, compliance, and customer experience in the digital lending sector.
[Related: Thinktank launches digital applications via CitoPlus]
