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Fintech flips mortgage industry on its head with digital home loan platform

Australian fintech Verteva today announced it has rebranded to Nano and written its very first home loan via mobile, as it prepares to disrupt the mortgage industry.

The company, run by two former Westpac execs, has also begun official beta testing and welcomed family and friends to experience its home loan product and platform ahead of the company’s anticipated public launch in Q1 2021.

In May 2020, Nano secured A$33m in a Series A capital raising, funded entirely by New Zealand’s Bolton Equities. Nano plans to launch publicly in Q1 2021 and will initially offer home loan refinancing.

“We set out to execute on our build plans of writing our first home loan within six months of receiving our Series A funding,” said Chris Lumby, CXO and co-founder.  “We’re pleased to announce we achieved this at the end of October and within the original time frame,” 

“Pleasingly, the first home loan was completed entirely on mobile.”.

Traditionally, an individual would meet someone face-to-face, go through a lengthy application, fill in the details they have at hand, and then return with anything they might have missed the first time.

Nano, however, leverages the power of advanced data and innovative digital technologies to optimise the home loan process. The platform evaluates properties digitally, checks credit, centralises financial health and assesses income and expenses safely and securely. 

Doing so helps customers make better, faster financial decisions. It also eliminates paperwork and uncertainty, by leveraging data to generate an answer within minutes. The first home loan it processed was approved entirely via the mobile phone platform.

Nano’s founders, Andrew Walker and Chris Lumby, started the company in 2019, after years in the traditional banking sector in Australia left them impatient for positive change.

“Australia’s traditional mortgage industry has left its borrowers drowning in red tape, but it doesn’t need to be this way,” said CEO and co-founder of Nano, Andrew Walker. “The reliance on legacy systems has halted innovation, which has in turn negatively impacted customers with increased barriers and opaque pricing. Nano represents the future of both home loans in Australia and the broader financial services industry,” he added.

Nano also announced key companies Experian, Amazon Web Services, Cloud Lending and Salesforce have contributed to building the brand’s bespoke platform.

The Nano brand name takes its inspiration from the power and speed of technology and its ability to inspire and change lives. The blue glow of the Nano power particle visualises the speed of activity and the disruptive opportunity in the home loan marketplace that Nano seeks to claim.

Nano is starting with refinancing home loans first, where it sees the biggest potential for positive, immediate and meaningful impact for customers. It plans to do this by eliminating barriers to refinancing and rewarding financially savvy, low-risk and digitally engaged customers with a personalised, easy and engaging customer experience. 

Nano has built a highly experienced team of more than 35 across marketing, operations, technology, development and financial services.

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Ellie Dudley

Ellie Dudley

Ellie Dudley is a journalist at Dynamic Business with a background in the startup space and current affairs reporting. She has a specific interest in foreign investment and the Australian economy.

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