Australian Fintech firm Tic:Toc will approve home loans in 22 minutes
Australian fintech company Tic:Toc has launched the world’s first online instant home loan platform, a system which approves lending in 22 minutes.
Using a digital decisioning system to assess and approve a customers’ online application in real-time, without the need for a human credit assessor, turnaround times have been cut from the typical 22 days.
Tic:Toc also boasts competitive interest rates and no application, settlement or valuation fees.
By delivering the first genuinely online and fully automated home loan, Tic:Toc hopes to redefine the way customers secure home finance, and disrupt the home finance landscape on a world stage.
Tic:Toc founder and CEO, Anthony Baum, said: “Australia has one of the highest take up rates of online banking in the world. The on-demand economy has shifted customer expectations when it comes to personal finance, but home loans have been left behind.
“We believe customers deserve a faster, easier and more transparent way to get a home loan; and Tic:Toc can deliver on this promise. It’s about time.
“Other ‘online’ home loan providers digitise only part of the process, so while their application may begin online, it ends in the exact same way every other traditional home loan process does.
“Tic:Toc customers can also test us out to see whether our loans are right for them, before they need to provide personal details.
Bendigo and Adelaide Bank backs Tic:Toc, underwriting the loans and supporting the development and launch of the business.
Bendigo and Adelaide Bank's Managing Director, Mike Hirst said the Bank is pleased to support Tic:Toc to launch this unique approach to home finance. “We believe it’s important for customers to have choice when it comes to how to interact with a financial institution, and we believe Tic:Toc offers an appealing alternative for eligible home buyers and home owners.
“Our Bank is known for our partnering mind set, which gives our customers choice and makes them successful. Helping to bring this innovative approach to home lending to market aligns with our mission to help Australians own their own home.”
Tic:Toc also offers customers the option to take a more traditional route of supplying financial details via document upload, if they feel more comfortable doing so.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.