Digital “non-bank” WLTH has announced its official launch with its mortgage lending offering.
The Brisbane-founded fintech will initially offer residential, commercial, and self-managed superannuation fund (SMSF) lending solutions before entering into the digital payments sector in 2021.
The digital provider has entered the market with its Lending Loop platform, which involves a five-step digital application process for customers who wish to apply for a residential or commercial property loan or refinance an existing loan.
Customers can also access lending specialists and/or business support managers.
The fintech, which was founded in 2019 by entrepreneurs Brodie Haupt, Drew Haupt, Darren Hodgkin and John Kerr, will offer transactional accounts, a payments app, and a loyalty system, and a pipeline, including further fintech solutions.
The launch offer includes a variable loan product for owner-occupied residential properties with an interest rate of 2.09 per cent (comparison rate of 2.15 per cent) for new purchases and refinances.
The fintech is aiming to issue $1.23 billion worth of residential and commercial loans by the end of the 2022 financial year (FY22).
Co-founder of WLTH, Brodie Haupt, said the motive behind the company was to create improved financial experiences, which he said “had been long dominated by slow-moving banks and inefficient business systems”.
“For too long Australians have had to jump through hoops in order to secure a loan, whether it be for personal or business purposes,” Mr Haupt said.
“With tenuous paper centric application processes and a lack of user-friendly tech products to manage and interact with their financial institution, we strongly believe WLTH is in a unique position to bring an improved and higher value experience to market.
“For this reason, we don’t call ourselves a bank. Our competitive differentiation lies in being able to provide financial services that meet the needs of Australians.”
Mr Haupt said that the fintech is invested in the acquisition and development of its own native technology solution.
Quantity surveying service provider Gleeson Quantity Surveyors managing director Zac Gleeson said that the company was involved in the beta testing round prior to WLTH’s official launch.