This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
1. THE BEGINNING
This innovation initially came to life when…
funding.com.au was founded in 2015 by mortgage lawyer, Jack O’Reilly. Jack has over nine years experience in lending, credit and mortgages. His broad experience includes all aspects from structuring mortgage products, assessing, originating and servicing mortgages, investing in mortgages, right through to legal recovery. Witnessing first hand the emerging market of borrowers searching for finance products online and understanding how technology is rapidly evolving in this space, Jack founded funding.com.au to service this growing demand.
2. WHAT & HOW
The purpose of this innovation is to…
…is a financial technology platform that provides real-estate secured loans to borrowers, and attractive mortgage investments to investors. It’s the first Australian start-up to register a peer-to-peer platform for retail investors and licensed for consumer credit for mortgage loans.
It does this by…
Borrowers’ loans are funded by funding.com.au investors – via its peer-to-peer investor platform.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
Borrowers: funding.com.au offers borrowers an end-to-end online mortgage application service and a quick, easy and cost effective settlement – in as little as two to three days.
Investors: funding.com.au offers a simple online platform that allows investors to invest in secured property loans.
Its various benefits to the customer/end-user include…
Borrowers: As above.
Investors: The online platform allows investors to view and invest in available investments, top up or withdraw funds from their investment account, monitor their portfolio, and access statements.
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
Borrowers: In the past, the industry was being poorly serviced by the major banks – and often serviced by inefficient and sometimes disreputable non-bank lenders.
Investors: funding.com.au’s secured investments provide an impressive advantage over other unsecured peer-to-peer lenders. Also, until now, everyday investors had limited access to invest in the mortgage space.
5. TARGET MARKET
It is made for…
Borrowers seeking short to medium term mortgages. Borrowers apply for numerous reasons. Often banks are too slow to meet transaction deadlines, or the borrower may only need funds for a short period (i.e. not a 30 year bank loan). Other examples include bridging finance, renovation loans, self-employed loans, or business loans.
Investors seeking attractive returns (7-9% per annum); flexible investment periods (6-36 months); with security (all investor loans are secured by a registered first mortgage over real property). The minimum investment amount is $5000 and investors can select and build their own loan portfolio.
It is available for sale through…
Borrowers: Borrowers seeking a short to medium term mortgage can apply online via funding.com.au’s end-to-end online loan application service.
Investors: Investors can sign up and manage their investments online via funding.com.au’s peer-to-peer investor platform.
Our marketing strategy is to…
New customers are predominantly targeted via online marketing (i.e. Google Ads, Facebook Ads etc) along with referrals. Existing customers / database are predominantly targeted via electronic direct mail (EDMs).
FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
Maven Judge Vote: funding.com.au – Smart 100 2018
(Please note – The form below is for judging purposes only and is restricted to the public)