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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.
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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.
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