Powered by MOMENTUM MEDIA
subscribe to our newsletter

Tic:Toc strikes funding deal with Bendigo Bank

Fintech lender Tic:Toc has secured $25 billion of additional funding for the next seven years, after extending a partnership with Bendigo and Adelaide Bank.

Bendigo Bank initially partnered with Tic:Toc in 2018, to power its own instant home loan offering, Bendigo Bank Express.

The new extension of the two lenders’ existing partnership will reportedly give Tic:Toc the capacity to increase its monthly volumes by more than 300 per cent.

The distribution agreement has also signalled Bendigo Bank’s confidence in the partnership with Tic:Toc and its operating model, based on an AI-driven platform.

Anthony Baum, founder and chief executive of the fintech, commented the deal extension highlights the competitive advantage of the lender's asset-light model, "with Tic:Toc not bearing credit or interest rate risk”.

Advertisement
Advertisement

“Our valued partnership with Bendigo and Adelaide Bank enables us to operate as a platform company, not an ADI or finance company,” Mr Baum said.

“This means we achieve a greater return on capital as we’re investing our shareholders’ funds into our technology, not using it to fund loans.”

Darren Kasehagen, head of third party banking at Bendigo and Adelaide Bank, added the partnership is key to the bank’s mortgage strategy.

“We have seen significant growth in our residential lending activity via third-party channels, and Tic:Toc is an important strategic partner for us to grow our market share,” Mr Kasehagen said.

Earlier this year, Mr Baum suggested that software-as-a-service (SaaS) offerings could help relieve larger lenders of the turnaround delays that they are facing.

PROMOTED CONTENT


He also told Mortgage Business that he believed more lenders would be looking to harness SaaS platforms, as a means of plugging in tech without needing to build proprietary and costly technology.

[Related: Thinktank hits $1bn loan mark for 2020-21]

Tic:Toc strikes funding deal with Bendigo Bank
Tic:Toc strikes funding deal with Bendigo Bank
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Sarah Simpkins

Sarah Simpkins is the news editor across Mortgage Business and The Adviser. 

Previously, she reported on banking, financial services and wealth for InvestorDaily and ifa.

You can contact her on This email address is being protected from spambots. You need JavaScript enabled to view it..

Latest News

Revolut has recruited from 86 400 and Citi for two senior additions to its local team, including a new head of lending. ...

The RBA has stated that APRA succeeded in curtailing a drop in home lending standards by implementing macro-prudential policies between 2014...

Analysis of cash rate changes has found property price growth is less dependent on low interest rates than commonly believed, according to a...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.