Mortgage Business 13 July 2021
Volt Bank has acquired fintech mortgage manager Australian Mortgage – formerly known as Australian Mortgage Marketplace – as it looks to roll out its digital mortgage offering.
The neobank has announced that it has completed its first acquisition,
acquiring 100 per cent of neo-lender Australian Mortgage (AM) and its “Intelligent Credit” solution.
The deal, which settled on Sunday (11 July) for an undisclosed sum, will see Australian Mortgage’s technology power the lending component of Volt Bank’s banking-as-a-service platform and deliver the challenger bank with “a multi-channel revenue capability, purpose-built to rapidly scale lending volume”.
Australian Mortgage will continue to operate its existing digital mortgage arrangements with Shore Financial and Mortgage Choice, and continue to operate under its own brand.
Australia’s first neobank
Volt has reportedly acquired neo-lending platform
Australian Mortgage, enabling it to provide “fully-verified” approval times of less than 15 minutes on its new digital mortgage product.
As mentioned in a release shared with CI:
“This is a material improvement compared to many larger lenders where it is common for unconditional approvals to take well over two weeks, particularly for customers introduced by brokers.”
Australian Mortgage’s “Intelligent Credit” solution will form an important part of Volt’s banking-as-a-service (BaaS) offering, and help to address the slow turnaround time for the ~60% of Australian mortgages being originated via brokers.
Volt co-founder and chief Steve Weston. Source: supplied.
Neobank Volt has acquired alternative lender Australian Mortgage, in a bid to bring tech into an antiquated industry, and improve efficiency for brokers and borrowers alike.
It means the bank will be able to offer a mortgage product for the first time one it says will allow for fully verified approval times of 15 minutes or less.
Speaking to
SmartCompany, Volt co-founder and chief Steve Weston says the acquisition represents a milestone for Volt.
Getting mortgage approvals is a “pain point” for Australian consumers, he notes, and can take as long as 25 days.
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One-hundred-and-fifty-four people from a variety of sectors including education, sport, health, and science have been honoured. Dave Dobbyn, the hitmaker behind decades worth of classic New Zealand music, spent Tuesday night revving up the young crowd of Rhythm and Vines in Gisborne. This morning, he’s been named a knight companion of the New Zealand Order of Merit. The 63-year-old musician played to a packed crowd, with festival-goers lining the hills and filling the moshpit to see him perform.
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Dave Dobbyn performs at Rhythm and Vines 2020 in Gisborne. It was amazing to stand at the top of the hill watching thousands of Kiwis singing their hearts out to the classic Kiwi bangers,” said 23-year-old Alice Ross of Dobbyn’s set. “I’m not a nationalist but it was a truly Kiwi experience.”