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An Aussie fintech has raised $1.2m in seed funding to further develop itself into “Australia’s smartest mortgage broker platform”.
Effi intends to use the infusion of capital to boost the group’s strategic partnerships and product development.
Mandeep Sodhi, Effi’s founder and CEO, said the group is gearing up for a big year.
"[The funding has] come at the perfect time for Effi,” he said.
“We recently launched the full version of the platform and partnered with RateCity to give our brokers an even bigger boost for their profiles and grow their brand with scheduled appointments booked in their calendar from RateCity website.”
The successful closing of the seed funding round, which included Australian seed investment group Investible and US-based Hustle, will also help the group’s plans to expand both locally and offshore.
Sodhi explained that Effi is being built to address the most common issues plaguing the mortgage broking process, with brokers who participated in the group’s pilot program last year reporting their conversion rate improved to double digits.
The CEO believes Effi’s efforts can contribute to the continuous growth in the broker market share.
"Effi is providing brokers all the tools and automation to help nurture these leads. Our main goal is to keep innovating the platform to make it as seamless and helpful for brokers as possible. I believe this year we are in good stead to achieve this goal," Sodhi said.
Daniel Veytsblit, investment director at Investible, said the investment will help Effi boost its efforts to provide a "new level of data-driven intelligence and efficiency" to the mortgage broking industry.
"The platform solves two of the great pain-points for brokers, lead generation and efficiency. As early investors we are excited to see the growth of the platform in the mortgage industry and adjacent lending segments," he said.
