Fintech Tic:Toc has agreed a seven year extension to their distribution agreement with Bendigo & Adelaide Bank, creating up to $25 billion of additional funding and allowing them to provide as much as 300% more volume for the broker channel.
Tic:Toc has had a preexisting relationship with B&A for some time, but this new extension cements a level of backing that has never been seen before.
Indeed, it is thought that this is one of the biggest funding deals ever secured by a fintech in Australia.
“This extension of our partnership gives Tic:Toc access of up to $25bn of additional funding over the next seven years, and highlights the competitive advantage of our asset-light model, with Tic:Toc not bearing credit or interest rate risk,” said Anthony Baum, founder and CEO of Tic:Toc.
“Our valued partnership with Bendigo and Adelaide Bank enables us to operate as a platform company, not an ADI or Finance Company. This means we achieve a greater return on capital as we’re investing our Shareholders’ Funds into our technology, not using it to fund loans.”
“Ultimately, Tic:Toc wants to help more Australians access faster and more cost effective home loan experiences. We’ve been doing that since 2017, and this funding agreement ensures we can not only keep doing this, but advance our lead as Australia’s pre-eminent home loan platform.”