The firm was named one of the 50 emerging stars on KPMG’s Fintech 100 List, which was compiled by KPMG in conjunction with H2 Ventures.
This year’s list was revealed last Wednesday as part of the Singapore FinTech Festival – the world’s largest fintech event.
Anthony Baum, founder and CEO of Tic:Toc Home Loans, who was in Singapore for the event, said his company has been attracting international attention since launching in July.
“Being named in the Fintech 100 is yet another source of validation for us that we’re filling a real need in the residential home loan market,” he told Adelaide Now. “It’s an industry that was ripe for disruption and we’re proud to have made such a big impact so quickly.
“We represent an example of how the digital economy provides an opportunity as much as a threat. In reality we can take this business anywhere and compete on a national scale - South Australia is a fantastic base to build a business like Tic:Toc from.”
Backed by a $900,000 grant from the South Australian government and Bendigo and Adelaide Bank’s 35% stake in the company, Tic:Toc launched the world’s first full online home loan platform in July, reducing the time needed to approve a home loan from 22 days to just 22 minutes.
Speaking to Your Investment Property last August, Baum said Tic:Toc was able to expedite the approval process by automating many of the manual steps in the traditional process.
“So while a customer completes an application, there is a digital assessment happening in real-time, in the background,” he said. “These real-time calculations include property valuation, borrowing capacity, credit and identification checks, and even validation of the customer’s financial information.
“At the end of this 22-minute process, the customer could be approved on the spot, and their loan documents sent to them via email within half an hour (depending on which state they’re in).
“Even if the customer chooses manual validation (opting to upload their financial documents) or is self-employed (which requires an underwriter to review the application), the nature of our technology platform means we will, in most instances, complete the assessment within one day of application.”
Collections: Mortgage News