Start-up Joust rakes in over $100M mortgage referrals in Q1

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A start-up is on a roll after bringing in over $100 million in mortgage referrals in just its first quarter of operation.

Joust, an Adelaide-based financial technology start-up founded by managing director Mark Bevan and former banking colleagues Richard Hockney and Greg Abel, runs its business by pitting banks against each other or making them joust to bag client loans. Customers give the details of their loan, and seven lenders then have the chance to put in their best offer for the client to choose from.

Bevan said that Joust recorded 155 home loan opportunities in just its first month after launching in South Australia on June 1. The start-up exceeded its target to refer 30 to 40 offers for its debut month.

“It’s been a really exciting start,” Bevan said. “We’ve been really thrilled with the response from South Australian consumers.”

Joust is now on track to expand to the eastern states. There is already a plan to launch Joust in Victoria by October.

“We’re going to be adding a few Victorian-based banks and it will be a seven-month pilot in total,” Bevan explained. “All being well on the first of January, we expect to add some more banks and operate nationally.’’

Prior to its launch, Joust has also spent an estimated $400,000 developing its website and software.

Investors like former BankSA managing director Rob Chapman are backing Joust’s operations. Local lenders such as BankSA, Adelaide Bank, and People’s Choice Credit Union are currently in Joust’s panel of lenders.

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