A relatively new fintech, which rolled out its mortgage product just last month, has announced the opening of its $5m seed funding round as it moves towards its growth projections of $330m worth of residential and commercial loans by the end of FY21.
Digital lending and payments provider WLTH saw a $1.44 million founder investment at the end of 2020, meaning the successful completion of this subsequent funding round would bring the total capital injection to $6.44m.
The Brisbane-based fintech intends to use the funds to accelerate the growth of its technology platforms and make “key hires” for its Sydney office.
WLTH co-founder and CEO, Brodie Haupt, said the investment will be crucial to the group’s growth.
“With lofty targets to settle and a mandate to really shake up the property lending space in Australia; this seed round will definitely put us on the right path to reaching our goals,” he explained.
“Since the start of 2021, we have been lucky enough to get our hands on some winning talent here at WLTH. We have recently hired ex-MYOB executive Jo-Ann Chung as our Chief Producer Officer, as well as David Chapman who joins us as our Chief Technology Officer. David brings with him a wealth of experience, holding previous roles at American Express, Westpac, Xinja, and G&C Mutual Bank.”
To date, WLTH has generated in excess of $121m worth of enquiry volume and has over $86m worth of approval volume via its flagship Lending Loop offering.
The $5m seed round officially opened on 17 February, with applications of interest closing on 15 March 2021.
WLTH also has plans to open a Series A round in June 2021, with the goal of raising $20m.
The company was founded in Brisbane in 2019 by self-dubbed “serial entrepreneurs” Brodie Haupt, Drew Haupt, Darren Hodgkin, and John Kerr.