Nano Digital Home Loans is talking up its approval speed and people credentials as it dons the hard hat to put a $75 million raising to investors.
Nano reckons its “sub 10 minutes” mortgage approvals are the fastest in Australia. And it wants to take them across the globe via business-to-business partnerships, like theThe business went live in July 2021, about two years after co-founders Andrew Walker and Chris Lumby left Westpac. Walker was BT Financial Group’s chief operating officer and Lumby had headed wealth distribution.
Its shareholders include former CBA boss Ralph Norris, ex-NAB CEO Andrew Thorburn and Westpac’s former leader Brian Hartzer.There’s also ex-Pacific Equity Partners managing director David Grayce, Perpetual stockpicker Anthony Aboud, ex-Carlyle Group MD Martin Sumner and ex-Morgan Stanley MD JD Pearce. Initial backer Bolton Equities, which tipped in during 2020, is the private investment vehicle of former Rural Bank boss Murray Bolton.
Nano’s pitch to potential investors said while its algorithms spewed out unconditional approvals within minutes , it also offered better unit economics at a fraction of the cost. [A traditional loan costs about $3000 to originate, it said]. Investors were told Nano would use the $75 million raised to cover operating losses and to invest for growth. The company wanted to hit breakeven in mid-2023, and said it was looking forward to an IPO.
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