Westpac backs digital mortgage service with $16 M investment

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By Eleanore D. Sanchez

Call it a May-December affair.

uno., a financial technology firm that went live earlier this year, has caught the eye of Westpac, one of Australia’s Big Four banks. Westpac has invested $16.5 million to be the technology platform’s bedfellow in the digital mortgage market, according to reports.

Gary Thursby, Westpac’s chief strategy officer, explained the bank decided to make the investment after taking uno.’s “impressive” record in helping its clients during the home mortgage search process into consideration.

According to Vincent Turner, uno. founder and chief executive, the company has already facilitated $400 million worth of mortgage comparisons since going live earlier this year.
uno.’s value proposition comes from offering the same technology and information that brokers use to find the best mortgage deals. It is supported by chat, phone, and video features.

“Westpac has been involved since the concept phase [of uno.] and … we’re pleased to announce we will increase our involvement in uno. as a strategic investor," Thursby said.

Meanwhile, Turner emphasized, “We knew from the start that by creating a platform with direct visibility to lenders’ products and pricing, we could give Australians greater control over the home loan process and the confidence to achieve the best home loan deal."

“With the healthy investment we need to drive the company forward, we are excited to keep expanding and help more people get a better home loan,” he concluded.
 

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