Australian fintech Verteva has announced it is rebranding to Nano, a transition that comes hot on the heels of the group completing its first home loan approval through a mobile phone platform and just ahead of its public launch in the first quarter of 2021.
The fintech utilises “advanced data and innovative digital technologies” to optimise the home loan process, allowing it to eliminate paperwork and approve applications through its mobile platform; Nano is expected to initially offer home loan refinancing when it launches next quarter.
Some notable companies, including Experian, Amazon Web Services, Cloud Lending, and Salesforce have contributed to developing Nano's mobile platform.
Also read: Refinancing continues to chart meteoric rise
Andrew Walker, CEO and co-founder of Nano, said the traditional mortgage industry has left many borrowers struggling through reams of red tape.
"The reliance on legacy systems has halted innovation, which has in turn negatively impacted customers with increased barriers and opaque pricing," Walker explained.
Walker and Nano's other co-founder, Chris Lumby, are both former Westpac executives; they initially launched Verteva last year, with the startup able to raise $33m in a Series A round from New Zealand-based Bolton Equities in May.
"We set out to execute on our build plans of writing our first home loan within six months of receiving our Series A funding. We are pleased to announce we achieved this at the end of October and within the original time frame," Lumby said.