ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Startups

Australia fintech startup Verteva raises $21.4m from NZ's Bolton

Funding earmarked for new markets and business expansion in home lending

The startup is targeting Australia, New Zealand, the U.K. and U.S. with a digital home lending platform that streamlines the lending process.   © Reuters

HANOI -- Australian fintech startup Verteva has raised $33 million Australian dollars ($21.4 million) in a Series A round from New Zealand-based investment company Bolton Equities, according to an announcement.

Co-founded by former Westpac executives Andrew Walker, who is its CEO, and Chris Lumby, Verteva operates a digital alternative for home lending.

The startup plans to use the fresh funding for product development, as well as finding new markets and expanding business.

"With the vast majority of mortgages originating in face-to-face meetings, using paper-based forms and manual credit assessment processes, the home loan industry is badly outdated," said Walker. "Changes in the current distribution model are likely to accelerate to be more digitally based, aligning with those of the United States and European markets."

Meanwhile, Bolton Equities CEO Chris Dineen said the strength and experience of Verteva's leadership set it apart from other lending disrupters.

"The transaction structure provides Verteva with the runway to focus and deliver on the already exciting progress made to date. We are very proud to partner with the team and to help create a service which will genuinely rewrite the way we bank," Dineen added.

Based in Auckland, Bolton invests in companies in New Zealand, Australia, the U.K., and U.S., focusing on fintech, tech-enabled services, health care and entertainment.

In the financial sector, Australia's Judo Bank, which provides loans to small and midsize enterprises, raised A$230 million in a new funding round from existing investors, including Bain CapitalCredit, Myer Family Investments and Abu Dhabi Capital Group.

Meanwhile, fintech company InDebted raised A$14 million in a Series A funding co-led by venture capital Carthona Capital and MassMutual Ventures Southeast Asia with follow-on support from Reinventure in March.

For the original story from DealStreetAsia, click here.

DealStreetAsia is a financial news site based in Singapore that focuses on corporate investment activity in Southeast Asia and India. Nikkei recently announced the acquisition of a majority stake in the company.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends July 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to Nikkei Asia has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more