WLTH to launch $15m raise, flags expansion

The new $15-million Series A raise has come off the back of WLTH closing a $3-million seed round, which the lender has said will drive expansion and green efforts.

The lender has plans to use the funding to grow of its proprietary platforms, ahead of the launches of a business payments platform and loyalty program, as well as senior hires.

WLTH has offices in Brisbane and Sydney, with intentions to expand both nationally and overseas.

Further, WLTH has flagged plans to use the funding to support a clean ocean initiative, under its five-year partnership with organisation Parley for the Oceans, promising to clean up 50 sq m for every loan settled and to issue cards made from recycles plastic.

Other suggested products in the works are a suite targeting cash flow issues, including card-linked credit facilities, invoice secured buy now, pay later (BNPL) options for businesses, loyalty points and high-security business payment option.

WLTH co-founder and chief executive Brodie Haupt commented that in the six months since launching to market, the fintech has exceeded its growth projections and hit its seed raising targets.

“As we move towards our Series A, we’ve set a target to settle a further $1.2 billion loans over the next financial year, and we are excited to continue growing our business through strategic acquisitions, while also delivering our full product ecosystem to market,” Mr Haupt said.

The lender reported that since launching its flagship digital application system earlier this year, it has generated in excess of $700 million in loan enquiries.

WLTH launched its mortgage offering in January and entered the market with its Lending Loop platform, which involves a five-step digital application process for customers vying for a residential or commercial property loan or to refinance an existing loan.

[Related: Tic:Toc strikes funding deal with Bendigo Bank]