Verteva, the fintech initiative that has digitized home lending processes in Australia, announced it has received a $ 21.4 million Series A investment. The initiative aims to digitize home loan application processes from start to finish.
The period of getting home loans through banks is starting to change shape with the new initiatives that have started to exist in this field. Although we have to say that banks are engaged as an important guarantor, fintech initiatives in this area are increasing rapidly all over the world.
Verteva, a new initiative established in Australia in November 2019, is an example to these. The venture that wants to digitize the home loan withdrawal process in Australia wants to use data science and aims to provide personalized service for its customers. It also adapts home loans to the application processes, which have become popular recently and become digital due to the Covid-19 outbreak. Thus, potential homeowners who want to buy a house in Australia completely get rid of the burdens such as face-to-face interview processes, long form filling and dozens of pages of documents.
Verteva has invested in Bolton Equities, headquartered in Auckand, New Zealand. The venture, which received an investment of 33 million AUD in Australian dollars, will now aim to grow in the market. We see that this investor company’s portfolio previously had fintech initiatives in New Zealand, Australia, the UK and the USA. Therefore, the initiative, which takes the investor power behind, may have the chance to enter different countries at once. Already, Verteva’s aim was to facilitate home loan processes in Australia at least as much as the USA and Europe in the first etapt.
Another interesting aspect of the Sydney-based initiative is its founders and story. The initiative was founded by two former bankers Andrew Walker and Chris Lumby. Former bankers, both a former Westpac employee, worked together in different executive positions for this bank. The banker duo will now aim to improve their home loan processes, which banks think are outdated, with their own fintech initiatives.