Westpac has made a $16.5 million investment in digital mortgage startup uno, which provides consumers with direct access to the typical loan search and settlement technology that traditional mortgage brokers use.
Launched just three months ago, uno claims to have settled ‘millions of dollars’ worth of loans as consumers widen their search for the best deals in a low interest rate environment.
Founder and CEO of uno, Vincent Turner, says: “We’ve grown to 34 employees to meet the service demands of thousands of registered customers who have used the platform to compare more than $400 million worth of mortgages. With the support of our investors we’ve worked hard to test and enhance the customer experience, as well as finesse the functionality of our original platform to include options such as new calculators and video chat.”
The investment by Westpac demonstrates the bank’s ongoing commitment to work with fintech startups to capitalise on new opportunities in the provision of tech-led banking services.
Chief strategy officer at Westpac, Gary Thursby, says: “Uno’s success has been impressive and we’re seeing its potential to become a serious player in the home loan market. Westpac has been involved since the concept phase, and today we’re pleased to announce we will increase our involvement in uno as a strategic investor. Westpac is proud of its reputation as a supporter of early stage fintech companies like uno that drive digital innovation and benefit Australians.”
The move comes just a month after the bank doubled down on its investment in the fintech startup scene, pumping another $50 million into a new fund to be managed by Reinventure Group