Basiq announces strategic investment from Visa

Visa has invested in Basiq, the API platform powering some of Australia’s most innovative banks and fintechs with financial data. Visa’s strategic investment will accelerate Basiq’s ability to meet growing API demand as the Consumer Data Right (CDR) and Open Banking plays out in the Australian market.

With increasing fintech adoption, the vast majority of global consumers either use or are aware of at least one fintech service. Since 2017, Basiq has allowed consumers to securely connect their financial institutions and data to these services, giving fintech innovators immediate access to a data network spanning all major financial institutions in Australia and New Zealand.

Julian Potter, Group Country Manager, Australia, New Zealand and South Pacific, Visa, said:

“We’re excited to partner with Basiq on open data, an area where Visa sees great potential to drive innovation in financial services. Visa is known for money movement, but moving digital money is fundamentally about moving data. We’re extending our network capabilities and expertise into data movement, and our investment in Basiq is a great example of how we’re supporting the rise of the open data economy in Australia.”

The Basiq platform is currently used by over 150 fintechs to create customer-centric experiences across segments such as lending, digital banking, investment, BNPL, payments and many others. As the CDR is rolled out, Basiq will expand Open Banking’s potential by providing participants with access to data and generating actionable insights based on that information.

As Basiq moves into its next phase of growth and with the investment by Visa, two key additions have been made to the Board. Cietan Kitney, Head of Strategy, Asia Pacific at Visa joins the Board. In addition, Touch Ventures has appointed Kareem Al-Bassam to the Board. Both executives bring a wealth of Technology and Payments experience to help drive Basiq’s growth strategy domestically and  in new markets. Visa joins the Board that consists of Salesforce Ventures, Reinventure, NAB Ventures, Plaid and Touch Ventures.

The partnership will enable Visa and Basiq to work jointly on new products and services and enable Australian fintechs and financial institutions to solve customer pain points and deliver new experiences. The combination of Visa’s proven infrastructure and networks together with Basiq APIs, technology and customer relationships will help accelerate the adoption of open banking in Australia by ensuring a secure, reliable platform for innovation. Basiq will help more businesses in the payment ecosystem deliver faster, simpler and cheaper payments by combining Open Banking with payment rails.

“As the world’s leader in digital payments, Visa has the trust, scale, and network capabilities to fast-track Open Banking adoption and drive fintech innovation domestically whilst also providing a global perspective from the onset. By partnering with Visa it will help accelerate our mission of providing the building blocks of financial services to businesses of all sizes” Damir Ćuća, CEO and founder of Basiq.

Check out our write up in the AFR below:

https://www.afr.com/companies/financial-services/visa-joins-nab-westpac-salesforce-at-data-start-up-basiq-20211123-p59ba0

AFG and Frollo join forces to improve mortgage lending with Open Banking data

AFG will leverage Frollo’s platform to help brokers and their customers benefit from Open Banking.

Open Banking provider Frollo has announced they’ve signed AFG as the latest client for their Open Banking platform. As one of the most experienced Accredited Data Recipients (ADR) in Australia, Frollo will support AFG in becoming an ADR themselves and deploy the solution to its brokers under the upcoming ‘trusted adviser’ model.

AFG will use Frollo’s CDR Gateway to empower consumers by enabling them to share their financial and banking data with their trusted broker, for the purposes of assisting those customers to apply for finance in a more streamlined and efficient way. By leveraging Open Banking, this will speed up mortgage applications with data trusted by banks. 

Mark Hewitt, AFG General Manager Industry & Partnerships explained the move: “AFG is committed to providing innovative solutions that will help our brokers stay at the forefront of technology advancements in financial services. 

The CDR gateway from Frollo can enable many use cases that could be deployed to AFG brokers. We are very excited about the potential for Open Banking in the mortgage sector.

Leveraging Frollo’s leading-edge technology and experience in Open Banking ensures our brokers will be well equipped to continue to deliver excellent customer outcomes.”

Gareth Gumbley: “Open Banking has the potential to deliver incredible value for consumers, particularly when it comes to mortgage applications. 

We’re excited to work with AFG and provide their brokers with a complete, real-time overview of their customers’ finances to help their customers achieve their financial goals.”


About Frollo

Frollo is a purpose driven fintech and Australia’s first Open Banking intermediary. We help businesses use Open Banking data to deliver better customer outcomes. From reducing debt and increasing savings, to providing a better, more personalised customer experience.

Our modular, end-to-end Open Banking platform enables businesses to bring Open Banking powered use cases to market quickly by leveraging Australia’s most advanced and reliable CDR Gateway, with plug & play access to lending, personal finance management and customer onboarding solutions.

Trusted by clients like ANZ, Volt, REA Group, P&N Bank, bcu and Bank of Queensland, Frollo is an Australian market leader in Open Banking.


For media enquiries
Piet van den Boer
Frollo
0468 375783
piet@frollo.us 

Shift Launches 26 Weeks Paid Parental Leave

Rolls out Shift Flex approach to remote and in-office work

Shift, a provider of credit and payment platforms to Australian businesses, has set the bar for paid parental leave in the Australian finance industry, now offering staff 26 weeks paid parental leave, with two weeks of paid leave for secondary carers and partners.

This new leave is available to all full-time employees as soon as they complete their probation, with superannuation and other benefits continuing to be accrued while employees are on parental leave.

Jamie Osborn, Chief Executive Officer of Shift, commented that this new policy is about recognising the effort that staff give to the company and supporting them through what can be a time of immense change.

“The rollercoaster of welcoming a new baby into the home is huge, and we want our staff to be able to focus on this special time without financial worries or concerns about having to come back to work sooner than they would like,” said Jamie. “Our new policy aims to support our team and applies to all staff regardless of gender, recognising the varied nature of family dynamics and financial situations.”

Statistics on parental payments from the Australian Government’s Workplace Gender Equality Agency (WGEA) show that the average paid parental leave offered in the finance and insurance industry is 12.1 weeks, while the average across all companies is 10.9 weeks*.

While WGEA statistics show there is  a long way to go to achieve the right balance regarding parental and carer’s leave, Jamie Osborn is encouraged that some organisations and industry bodies are leading by example and driving change.

“We applaud Fintech Australia’s recent move to recommend 12 weeks paid parental leave at full pay and are happy to be able to offer more,” said Jamie.

“Recent announcements by companies across a range of sectors to increase the amount and flexibility of parental leave offered show that while there’s a huge amount of work to do when it comes to gender equality, we’re taking steps in the right direction.”

Coinciding with Shift’s new parental leave policy, the company has also begun rolling out Shift Flex, a new approach to working which allows for Shift team members to arrive at an in-office / remote working combination that best suits their needs and those of the team.

Shift Flex sees all staff choose from tiered layers of working from home v working in the office, with most roles able to choose totally remote if that suits the individual and their team.

“We had a trial ready to go just before the first lockdown of 2020 hit, which really did end up being the ultimate trial,” said Jamie.

“It also taught us that while some people love working from home, there were many team members who couldn’t wait to return to the office. With that in mind we’ve created Shift Flex to make sure working rhythms and locations are created to suit individuals, the needs of job roles, teams and the company.”

*See the WGEA data explorer for further information regarding support for carers and paid parental leave in Australia.


About Shift

Originally established as GetCapital in 2014, the company rebranded as Shift in October 2021 as part of its mission to provide businesses with finance on demand. Enabled by streaming data, Shift offers a better way for Australian businesses to trade, pay and access funds.  Winner of the IDC 2020 Digital Disruptor and Omni Experience Innovator awards for Australia and New Zealand, Shift has also been named to the Deloitte Fast50 list four years in a row, the Smart50 awards, the AFR Fast 100 List and voted by LinkedIn as one of the Top 25 Australian Startups to work.  www.shift.com.au

Nodifi launches personal loans on origination platform

Asset finance technology and services provider, Nodifi, has added a string of personal loan  products to its loan origination platform, signaling broker feedback and consumer demand as  the main drivers to the release. 

This latest development follows the fintech’s decision to provide mortgage brokers with set rate  options for consumer asset finance, following the introduction of best interests duty. 

SocietyOne, NOW Finance, Plenti and Wisr will make up the first group of personal lenders to launch on the platform, allowing mortgage brokers to run quote comparisons and process  applications. 

Nodifi says the latest addition is a sign of the changing economic climate, with broker and  consumer demands at the forefront of the decision. 

Tom Caesar, Nodifi chief executive officer, comments: “What we’re seeing is a shift from the  traditional mortgage broker, whereby home loans were once a broker’s only true product  offering. 

“Nowadays, brokers are demanding a wider-breadth of finance solutions for their clients, which  is being driven by consumer demand – personal loans is one such product increasing in  popularity amid the changing economic landscape. 

“Typically, this has been a product overlooked by many fintech service providers, and this is  something we want to rectify.” 

Nodifi users will gain access to the personal loan products via the platform from 1 December,  while a future white label release providing brokers with direct to customer personal loan  journeys is also scheduled for early 2022. 

“In this day and age, generic service offerings are severely outdated. Everything we’ve done to  date – and will continue to do in future – is to better align with increasing expectations and to  leverage new technologies. 

“That’s a key reason why we’ve decided to roll out the white label solutions. It’s about giving  mortgage brokers the best tools to satisfy ever-evolving client needs.”


Media Contacts
Alex Ventura
Head of Marketing
Nodifi
alex.ventura@nodifi.com.au
0421 819 370 


About Nodifi 

Nodifi is one of Australia’s leading technology and services providers for asset finance, enabling mortgage brokers,  dealerships, and other POS retailers, to offer a broader range of financial services. 

Nodifi’s mission is to increase profitability and efficiency for partners, by delivering bespoke asset finance solutions.  These include; asset finance aggregation, loan origination, credit support, marketing and lead generation, plus a suite  of white-label technology solutions. 

Founded in 2016, Nodifi now boasts over 2,000 users, generating over $1.5 billion in loan applications since its  inception.

New Economist Intelligence Unit Report: Capturing Value In The Cloud

The Economist Intelligence Unit (EIU), supported by Temenos, surveyed over 200 global banking IT executives, to understand their experiences with cloud. Download the report today for insights on the state of cloud-based banking and its future.

Cloud adoption by banks has accelerated since the start of the pandemic, as banks seek to cut costs and ramp up digital transformation projects. But challenges around security, governance and skills remain. What is the state of cloud-based banking in 2021? What are banks’ drivers and strategy for cloud adoption and what barriers do they still need to overcome?

Temenos and the Economist Intelligence Unit have sought the answers to these questions and more in a new report: Capturing Value in the Cloud, incorporating data from over 200 global banking IT executives.

Key Findings

 

  1. 72% of IT executives at banks report that incorporating the cloud into their organisation’s products and services will help them to achieve their business priorities, with nearly half (47% saying it will do so “to a great extent”).
  2. Business agility, elasticity and scalability are together cited by 40% of respondents as top drivers of cloud adoption.
  3. 82% of IT executives say they have a clear strategy for adopting cloud technology
  4. 81% of respondents agreed that a multi-cloud strategy will become a regulatory prerequisite by 2025

Read full report here

Sandstone Technology – Mobile banking security: 5 serious challenges, and the 7 ways to address them

Even before the events of 2020, Australian and New Zealand consumers were embracing banking on the go. A 2021 RFI global digital banking study shows that 73% of consumers are using a mobile app to do their banking, with a significant increase of 12% over the past two years. The uptake of mobile banking apps has risen dramatically across all demographics, bringing with it new vulnerabilities.

In this article we outline the data security threats exposed by mobile banking, and a range of solutions the industry is working on to help preserve consumer trust, prevent reputational damage and avoid financial penalties.

Banking trends upping the ante

With the pandemic in full swing, we’ve seen consumers embrace mobile apps as a convenient, easy and safe way to bank. But beyond COVID, there are other factors boosting mobile adoption. 

Neobanks continue to spring up, in most cases branchless, offering interaction solely through their apps. After downloading the app, customers can digitally onboard, open their account and continue interacting with their financial services through the app. 

Many of the popular ‘buy now pay later’ products are set up so that younger consumers – their primary market – are captured via their mobiles and perform all their interactions through their devices.

And our increasingly cashless society means that many of the newer mobile devices come with built-in wallets to replace physical credit cards, debit cards and loyalty cards.

As consumers leave their wallets at home and adopt digital banking in all its forms, bad agents are zeroing in on mobile banking security vulnerabilities.

Cyber security as we know it

Cyber attacks used to be focused on digital banking through laptop and desktop computers. Attackers honed in on popular browsers like Chrome, and operating systems like Windows. Hence the prevalence of Windows viruses reported in the news and cautioned on social media.

But as mobile devices have risen in popularity, we’ve made the pie bigger. We’ve created an even larger digital playground, and there are more agents out there rising to the challenge.

In the biggest data security shift of the last two years, mobiles are now more targeted than Chrome or Windows. And their data security issues are quite distinct from those associated with traditional laptop/desktop-based digital banking.

5 reasons why mobile devices pose security issues

  1. Mobiles travel with you
  2. Two main operating systems prevail
  3. Older phones in the ecosystem
  4. App stores are vulnerable too
  5. Side loading apps

Read the full article at  https://www.sandstone.com.au/en-au/article/mobile-banking-security-data


About Sandstone Technology

Before “fintech” was a thing, our founders were dreaming up new ways to transform banking, simplifying the customer journey and the employee experience.

More than 25 years later Sandstone Technology is still leading the charge, innovating and evolving as the industry evolves. Our high client retention rate is our proudest achievement with 40+ financial institutions across Australia, New Zealand, Asia and the United Kingdom placing their trust in our solutions. From digital banking and digital onboarding to origination and AI-based data analysis, with cloud-based or on-premise deployment, we create flexible, robust, end-to-end solutions using a multi-channel approach that gets our clients to market faster.


For all media enquiries, please contact:

Emily Bailey
Marketing Manager | Australia & New Zealand
Emily.Bailey@sandstone.com.au

Airwallex raises additional US$100 million in Series E1 led by Lone Pine Capital; valuation reaches US$5.5b

  • Raised US$300 million in total Series E funding
  • Oversubscribed funding round driven by strong underlying business performance in Q3
  • Lone Pine Capital joined existing investors including 1835i Ventures, the venture capital partner to ANZ, and Sequoia Capital China

Airwallex, one of the fastest-growing global fintech platforms, today announced it has raised an additional US$100 million in a Series E1 financing round. This new funding raises Airwallex’s valuation to US$5.5 billion and comes just a month after Airwallex announced an oversubscribed Series E round as the company looks to accelerate its global expansion plans. This latest round takes Airwallex’s total Series E fundraising to US$300 million, with US$802 million raised in total. 

Airwallex’s Series E1 funding round was again oversubscribed, on the back of strong underlying business performance and momentum in the third quarter. Lone Pine Capital remained the lead for this financing, alongside other existing investors including 1835i Ventures, the venture capital partner to ANZ, and Sequoia Capital China. 

This latest raise follows a strong third-quarter performance, where the company recorded a 165% YoY revenue increase, with annualised revenue exceeding US$100 million. The company also made more than 200 additional hires as Airwallex continues to strengthen its presence in its core markets globally. 

“Our record performance last quarter demonstrates the tremendous demand from customers who are seeking better solutions to operate their businesses,” said Jack Zhang, Co-founder and CEO of Airwallex. “As we approach our sixth anniversary, we want to continue to connect entrepreneurs, business builders, and makers with opportunities in every corner of the world. This new capital injection will allow us to do just that, fuelling M&A opportunities that will accelerate our global expansion plans, pursuing our mission to empower businesses to grow without borders.”

In the last quarter, Airwallex continued to scale its business across APAC and EMEA, while also achieving early momentum in the U.S. The company launched its virtual employee cards in Hong Kong and the UK, marked its entry into Southeast Asia with licences in Singapore and Malaysia, and continued to onboard new global customers. 

“Airwallex’s achievements in the last quarter alone showcases the strength of the company’s business model and its unique ability to meet customers’ evolving needs in a competitive digital payments market,” said David Craver, Co-Chief Investment Officer at Lone Pine Capital. “The future is bright for Airwallex, and we look forward to helping its team unlock greater growth opportunities as it continues to expand globally.” 


For more information
Gina Daryanani
gina.daryanani@airwallex.com


About Airwallex

Airwallex is a global payments platform with a mission to empower businesses of all sizes to grow without borders, and by doing so, contribute to the global economy. With technology at its core, Airwallex has built a financial infrastructure and platform to help businesses manage online payments, treasury and payout globally, without the constraints of the traditional financial system. Airwallex has secured over US$800 million since it was established in 2015, and is backed by world-leading investors. Today, the business operates with a team of over 1,000 employees across 19 locations globally. For more information, please visit www.airwallex.com.

ACCC grants CDR accreditation to flexible bill payment fintech Payble

The Australian Competition & Consumer Commission (ACCC) has announced that Payble, the Open Banking platform which prevents late payments before they happen, was granted formal Consumer Data Right (CDR) accreditation. Payble is the first consumer payments app to receive CDR accreditation.

Payble benefits billers and consumers alike, by identifying customers who may benefit further payment flexibility options, including but not limited to paying by instalments, activating a payment extension or accessing COVID relief. The solution then engages eligible consumers directly to facilitate such an arrangement digitally.

Following Payble’s accreditation, consumers who currently bank with more than 91 Australian banks and financial institutions will be able to link their account data to Payble and access the company’s flexible solution for bill payments. Payble is completely free for consumers, with billers charged a monthly software fee. 

 

Commenting on the accreditation, Elliott Donazzan, Managing Director and Co-Founder of Payble said:

“In the retail space, the likes of Afterpay, Klarna and Zip have proved that consumers want and need more flexibility. Payble is different because we’re not BNPL – instead we facilitate a payment arrangement directly between the consumer and biller via the Payble app. There’s no credit, no fees, no interest – we’re on the consumer’s side, helping them stay on top of their bills and payments.”

“It’s fantastic validation to be the first consumer payments app to receive CDR accreditation. For consumers who opt-in to share CDR data, like their transactions or account balance, we’ll be able to more accurately predict when they’d benefit from payment flexibility, and proactively engage them with the most relevant solution.”

“Imagine you have a $2500 council rates payment due tomorrow, but only $1500 in your account. Before that anxiety-inducing moment where the payment fails and you incur a dishonour, late fee, or interest, Payble would proactively prompt you to activate a partial payment pre-approved by your council, and to pay the rest over time to an agreed schedule.”

“We’re seeing more and more billers understand the bottom-line benefits of proactively offering flexible payments. They see a rise in revenue, and a reduction in collection costs and admin time, all while increasing customer satisfaction. Payble really is a ‘win-win’ for consumers and billers alike”.

The CDR puts Australian consumers in control of their personal information, helping them to unlock the true value of their data. According to the ACCC, 94% of Australian banking customers can now safely and securely share their banking data with accredited data recipients.

To achieve accreditation by the ACCC, organisations must complete a rigorous application and pass an independent security audit.

“This accreditation demonstrates Payble’s incredibly high standards of operation, information security, conformance testing and governance. Only a handful of organisations have met the ACCC’s standards and I’m proud of my team, particularly CTO James Andrew-Smith, for their meticulous work”, Elliott said.

Payble’s CDR journey was recently featured by Amazon AWS in their Open Banking webinar series, along with partners Adatree, DNX Solutions, AssuranceLab and Astero.


About Payble

Payble increases revenue for billers like telcos, utilities and councils, by offering their customers friendly, flexible payment options at their convenience. The Payble platform helps billers identify which customers would benefit from further flexibility, engaging them directly to activate a matching solution – like instalment plans, payment extensions or COVID relief. Payble’s proactive approach improves customer satisfaction and significantly reduces the admin time and operational cost of missed payments and collections.

CBA’s x15ventures recently invested further in Payble following the company’s early success (bringing their total investment to date to $1.85m), however the Payble platform is ‘bank agnostic’, able to serve consumers and merchants across all financial institutions. 


Contact
Elliott Donazzan
Managing Director and Co-founder
0450 907 767
elliott@payble.com.au 

Five Fintechs On Friday November 19

The new edition of the five fintechs on Friday is here!

But first, news from the industry…

Dacxi and ABC Bullion form unique supply and vaulting partnership to disrupt precious metal investing in Australia. BDO and AusCERT presents the Cyber Security Survey that identifies the current cyber security trends, issues and threats facing organisations across Australia and New Zealand

Further, Airwallex, Singapore Pte Ltd has been granted a Major Payment Institution License by the Monetary Authority of Singapore (MAS) and Envestnet | Yodlee launched their whitepaper to show continued evolution of Open Banking models in Australia.

We are also excited for our webinar with Austrade on Vietnam fintech landscape and opportunities for Australian fintechs. Register early for the discussion on 30 November, 3 PM (AEDT) and get insights on Vietnam Fintech market overview.

Below are five fintechs to know about this fortnight!

 

DiviPay

DiviPay supports over 1000 Australian businesses with their expense management system. Access virtual cards, bill payments tools, expense reporting and a free reimbursements tool. DiviPay allows you to create your own bespoke spend management solution. Instantly issue instant virtual cards to team members – No forms, no wait time, no card sharing, no fraud. Plus create rules to control their spending. Let your staff process their own bill payments and stay in control from afar with budgets, approval rules and a real-time bill tracker. Automate your expense reporting by snapping photos of receipts. Or pay at a Slyp enabled merchant and a Smart Receipt will automatically attach to your expense report and export into Xero, MYOB and Quickbooks. No photos, no physical receipt needed.

 

Dedoco

Dedoco stands for ‘Decentralized Document Connector’. A blockchain-based digital document and signing solution that is transforming the way enterprises manage digital workflows, while issuing trusted, verifiable documents and credentials. Ultimately, Dedoco aims to provide best-in-class digital solutions that allow it’s users to maintain greater governance over their daily processes while conducting transactions as seamlessly and safely as possible. ISO 27001 certified, today, our clientele includes Governments, Banks, FI’s, Professional Services and Real Estate firms. Invested by Temasek-backed Vertex Ventures SEA in June, Dedoco is also the only solution in the digital document/signing category to be accredited by IMDA Singapore for government, ministries and agencies. Say Hello to the future of documents. To contact Dedoco Australia, please email partnerships@dedoco.com.

 

Panda Remit

The Fast and Affordable way to send money globally. Panda Remit’s history starts from 2018 and they are supported by Tier1 global venture capital firm (Sequoia Capital & Light Speed). Panda Remit aims to provide safe, convenient, and low-cost international money transfer service to people who travel, live & work internationally. Their services have received more than 50,000 high-rating reviews. They are able to support more than 30 currencies and our business coverage includes Australia, New Zealand, South East Asia, America, Canada, Japan, Canada and Singapore.

 

LUZ Financial Solutions

LUZ Financial Solutions has been developing innovative software solutions for Asset Managers, Banks, financial consulting and Superannuation funds for over 20 years. MITRA is the company’s main software and provides a Front to Back office integrated solution that supports those responsible for the management, investment, operations, risk, internal controls, and back-office areas in accordance with corporate governance best practices. In addition, for an ADI, MITRA will generate the BASEL III reports in accordance with the regulatory requirements, efficiently and safely. Very recently Fitch Ratings upgraded the rating of one of their new clients to excellent. In their words “Strong operational risk controls, with very low operating losses”.

 

EPAM

Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has leveraged advanced software engineering heritage to become the foremost global digital transformation services provider – leading the industry in digital and physical product development and digital platform engineering services. Through their innovative strategy; integrated advisory, consulting and design capabilities; and unique ‘Engineering DNA,’ EPAM’s globally deployed hybrid teams help make the future real for clients and communities around the world by powering better enterprise, education and health platforms that connect people, optimize experiences, and improve people’s lives. Their global multi-disciplinary teams serve customers in more than 40 countries across five continents.

Check out our previous issues here

Member Spotlight: Nano

Nano: Reshaping the Australian mortgage market 

Digital lender Nano Digital Home Loans is an Australian fintech lender offering the country’s first end-to-end digital mortgage service.

Nano was founded by ex-Westpac executives Andrew Walker and Chris Lumby. We had the chance to speak with  Andrew Walker, Co-Founder and CEO of Nano Digital Home Loans, who said that Nano was born from the belief that technology and data should reshape the traditional home loan industry, making it simple, fast and fair. 

The financial service systems of today often have opaque pricing and complex processes. Many traditional lenders struggle to keep pace with technological developments and continue to use outdated systems, making the process long and tedious. Many consumers looking to buy or refinance a home are forced to fill out many forms and supply a range of paperwork such as payslips and bank statements. This often follows a lengthy waiting period for the application to be manually reviewed and processed before getting a response.

Impatient for change, the Nano team set out to reshape the home loan approval process using digital, data and design capabilities to create a borrowing experience that puts homeowners in control. Mr Walker noted that Nano has helped its customers save an average of $70,000 over the life of a loan.*

Nano offers an online application and loan decision-making service. Unlike other lenders, it uses automated property valuations, digital credit scores, automatic retrieval of banking transaction data, and digital verification of identity using biometrics. Mr Walker says that with this data and technology, Nano delivers home loan approvals in less than 10 minutes.

The digital experience isn’t limited to the home loan approval process. Nano offers its direct customers a range of everyday services via its app, for example, Nano Visa debit card and offset sub-account help homeowners with their finances and saving on interest repayments.

“When you refinance your home loan with Nano, we then provide one place to borrow, purchase, pay and tuck money away, all without fees,” Mr Walker said. 

“What we have done is pulled the functionality of traditional banking apart and re-bundled it innovatively to put the mortgage at the centre of it,” he said.

One of Nano’s biggest challenges to date has been scaling the business up during the COVID pandemic and the lockdowns which hit its home state of NSW. NSW went into COVID lockdown a week before Nano launched its first product. Despite this, the team has grown over 50% over the last few months, with half of the team not having met face to face.

Andrew Walker said: “The challenge has really been keeping the culture and organisation aligned, as we scale – virtually. As a result, we’ve had to completely relook at our onboarding, internal communications, and practices, to ensure we’re all staying united in working to the same common goal, as we scale.”

In just three months from its public launch, Nano saw its loan book grow to over $200 million in approved loans, with more than 80% of demand coming from customers of one of the traditional banks.

Mr Walker was proud to note that, in September this year, Nano was awarded an innovation patent for its proprietary loan application and decision-making technology. The Innovation Patent for the ‘Automated Real-Time Digital Mortgage Application and Decisioning Engine’ granted by the Australian Patents Office confirmed the uniqueness of Nano’s platform and recognised the innovative nature of its data-driven technology.

Nano’s next step is to extend the reach of its platform through a series of strategic partnerships.

This month Nano announced a major agreement with US computer giant Oracle. “By combining Nano’s innovative, data-driven credit-onboarding with Oracle’s trusted and proven banking platform, partner banks are bringing the scale and experience of the world’s leading banking platform providers to the digital mortgage revolution,” says Mr Walker. 

“We’re really excited about this partnership. It gives us scale, credibility, horsepower and an accelerated pathway into a global market which is extremely valuable for a company at our stage.”

“Digital is the new frontline of competition across the industry. Those that cannot meet the new digital service standard will face a Blockbuster moment,” Mr Walker concluded. 

* $70,475 is the average interest savings Nano customers have saved over the life of their loan by switching to Nano as at 24 Aug-21.

Upcoming Events
  1. October 11 @ 6:00 pm - 7:00 pm
  2. Tech Industry Collective – Connect and collaborate as a collective

    October 25
  3. Singapore FinTech Festival (SFF) 2022

    November 2 @ 7:00 am - November 4 @ 6:00 pm
Videos

Ep 2: Fintechs Acceleration of Growth Since COVID

Ep 1: The Evolution of Payments

Scaling Product Globally

Podcasts

Lee Hatton – Afterpay: FinTech Australia Podcast

Anthony Jones – Visa AUS/NZ

Tim Cameron – TransferWise