Bendigo Bank owns 27 per cent of the mortgage assessment technology, which will go public once monthly volumes hit $1.5 billion, according to founder Anthony Baum.
Tic:Toc founder and CEO Anthony Baum has set down a pathway for the mortgage technology start-up to float on the Australian Securities Exchange, saying once $1.5 billion of mortgages a month are “touching the platform” it will be ready to become a public company.
Tic:Toc is currently settling $175 million of its branded mortgages a month and expects this to grow to $300 million of monthly settlements this calendar year. This would represent a 1 per cent share of the total mortgage market.Its $1.5 billion-a-month listing target will be made up of its own direct mortgages plus volumes written by partners using Tic:Toc technology, which it does not disclose.
Last November, Tic:Toc appointed ASX director Yasmin Allen as its chairman to help it prepare for a public listing.