Tic:Toc Home Loans

Last updated
Tic:Toc Online Pty Ltd
TypePrivate
Industry financial technology, financial services
Founded2015.. [1]
Headquarters Adelaide, South Australia, Australia
Area served
Australia
Key people
Anthony Baum (Organizational founder and CEO)
Products Mortgages
Website www.tictoc.com.au

Tic:Toc, also known as Tic:Toc Home Loans, is an Australian FinTech company and non-bank home lender based in Adelaide, South Australia. [2] Founded in 2015, but launched to the public in July 2017, Tic:Toc offers automated digital home loans to consumers while selling their automation technology to other lending businesses. [3] [4] [5] Bendigo and Adelaide Bank are a major shareholder, owning a 27 percent stake in the business.

History

Tic:Toc was founded in 2015 by Anthony Baum, and secured seed funding in 2016 from Bendigo and Adelaide Bank, who also provide the funds for Tic:Toc’s home loans. [1] [6] In March 2017, the company closed its Series A funding round, securing A$4.1 million in further funds from Bendigo and Adelaide Bank. [1]

The company officially launched its home loan offering in July 2017. [7] In December 2017, Tic:Toc announced an expansion of services to include Tasmania, officially expanding their serviceable area to cover all states of Australia. [8]

Tic:Toc closed a Series B funding round in July 2018, raising A$11.5 million. [9] The raise was led by La Trobe Financial and Genworth Financial’s Australian arm, Genworth Mortgage Insurance Australia. [9]

In November 2018, Tic:Toc announced it would offer their technology to Bendigo and Adelaide Bank as part of their first enterprise partnership. [10] In March 2019, Bendigo Bank launched Bendigo Express, a digital home loan white-labelled under the Bendigo Bank brand. [10]

On February 5 2020, Tic:Toc launched its first software offering, XAI Validate, which uses artificial intelligence and machine learning to automate the validation of customer data. [5] [11]

In April 2021, Tic:Toc announced the launch of its second white-label partnership with Aussie Home Loans, branded as Aussie Online [5] [12]

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References

  1. 1 2 3 Palmer-Derrien, Stephanie (1 August 2018). "Fintech startup Tic:Toc raises $11.5 million to take the hassle out of home loan approvals". Smart Company. Retrieved 12 May 2021.
  2. Fedorowytsch, Tom (11 July 2017). "SA jobs: Tic Toc online home loans to add 200 new Adelaide workers". ABC News. Retrieved 12 May 2021.
  3. Bennett, Tess (16 August 2017). "Tic:Toc Wants To Bust The Big Bank Myth About Online Home Loans". Which-50. Retrieved 12 May 2021.
  4. Whitten, Richard (26 February 2019). "Bendigo speeds up home loans with help from Tic:Toc". Finder. Retrieved 12 May 2021.
  5. 1 2 3 Eyers, James (22 April 2021). "Aussie takes on big four with digital mortgages" . The Australian Financial Review . Retrieved 12 May 2021.
  6. "Making home loans faster, smarter and simpler". Tic:Toc. Retrieved 12 May 2021.
  7. Bolza, Miklos (11 July 2017). "Fintech launches with 22-minute home loan". Australian Broker. Retrieved 12 May 2021.
  8. North, Martin (18 December 2017). "Tic:Toc expands to Tasmania, as NSW investors rush to purchase in Hobart". Digital Financial Analytics. Retrieved 12 May 2021.
  9. 1 2 Eyers, James (30 July 2018). "Digital home-loan play Tic:Toc raises funding from Genworth, La Trobe". Financial Review. Retrieved 12 May 2021.
  10. 1 2 "Bendigo Bank customers to benefit from instant home loan tic of approval". Bendigo Bank. 1 March 2019. Retrieved 12 May 2021.
  11. Eyers, James (5 February 2020). "Tic:Toc launches 'responsible-lending-as-a-service'". Financial Review. Retrieved 12 May 2021.
  12. "Aussie enters online lending market". Aussie. 22 April 2021. Retrieved 12 May 2021.