It also has a “responsible lending-as-a-service” product known as XAI Validate that has 15 customers. Customers include Aussie Home Loans and one major bank. Partners rent its system to assess loans, including customer income and expenses.
#Tictoc home loans plus
Its $1.5 billion-a-month listing target will be made up of its own direct mortgages plus volumes written by partners using Tic:Toc technology, which it does not disclose. This would represent a 1 per cent share of the total mortgage market. Tic:Toc is currently settling $175 million of its branded mortgages a month and expects this to grow to $300 million of monthly settlements this calendar year. Last year, Tic:Toc struck a $25 billion deal with Bendigo which will provide $300 million of funding a month for seven years. Tic:Toc offers mortgages under its brand that sit on Bendigo and Adelaide Bank’s balance sheet. If successful, it will help Tic:Toc reach its target sooner.
Ben Searcyīendigo will report its half-year results on Monday, and its neobank Up will soon launch a digital mortgage using Tic:Toc’s loan assessment technology. Tic:Toc founder Anthony Baum says the growth of fintechs is speeding up.
He reckons it will be able to hit the target within two years. Mr Baum is the largest shareholder of Tic:Toc, in which Bendigo and Adelaide Bank has a 27 per cent stake. Tic:Toc founder and CEO Anthony Baum has set down a pathway for the mortgage technology start-up to float on the Australian Securities Exchange, saying once $1.5 billion of mortgages a month are “touching the platform” it will be ready to become a public company.
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