Fintech goes from application to settlement in 30 days

Since its launch one month ago, the company has also seen a number of mortgages approved including one loan of $1m

Fintech goes from application to settlement in 30 days



Fintech Tic:Toc has celebrated one month since launch with a number of milestones including supporting its first customer through the application, approval and settlement process within 30 days.

The firm which boasted a ‘22 minute home loan’ at its launch on 11 July held the official opening of its Adelaide office on 11 August, one month later. The Premier of South Australia Jay Weatherill and the state’s Minister for Small Business Martin Hamilton-Smith were in attendance. Tic:Toc offers loans through its partnership with Bendigo and Adelaide Bank.

In the company’s first 30 days, 25,000 customers checked the website and 12,642 clicked apply to start a loan application. This latter figure included those using a trial feature in which customers could try out the application process anonymously.

Loans approved during this time ranged from $60,000 to $1m, Tic:Toc CEO Anthony Baum told Australian Broker.

“We had our first settlement which is what we drive the business on. We settled a loan within a month of launch which was great for a digital home loan business allowing for the timeline in home loans.”

Hundreds of customers have gone right through the application end to end, he said, adding that specific statistics on the number of loans settled will be reported on at a later date.

One exciting figure to come out of Tic:Toc’s first month is that the median customer age was 40 years old (41 for men and 39 for women), said Baum.

“That does lots of things. It drives a higher average loan balance than what we expected. It also drives the hypothesis that for people who aren’t first home buyers who have some experience with the process before, a proposition like Tic:Toc will resonant because, stepping through it, they understand it.”

He pointed out that these levels of public interest happened before the company conducted any real marketing activities which are due to commence soon across a number of channels.

After ironing out some residual technical issues, the fintech will release its first significant update to the platform next week, he said. This will allow customers to save and resume right through the application. A second upgrade will be released later which includes desktop and full valuation capabilities for customers who cannot be auto validated for their valuation.

“We’ve learnt a lot and we’re making a lot of changes to make the customer experience even faster and better. We will continue to evolve the platform, expand our offering and grow our customer base through a very low cost and convenient digital experience,” Baum said.

Related stories:

Fintech launches with 22-minute home loan

Online lender secures $20m debt facility

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