Westpac’s Investment in FinTech Startup

Westpac invests $16.5 million in FinTech startup, uno.

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Westpac has invested $16.5 million into emerging FinTech startup, uno. The latest startup provides customers with access to mortgage technology used by banks, allowing them to broker their own loans.

Powered by smart technology and real-time support and advice, uno assists the user in finding the right home loan with a platform accessible via desktop or mobile.

Launching just three months ago, uno has attracted thousands of customers who have compared $400 million dollars’ worth of mortgages.

Founder and CEO, Vincent Turner, said the service is continuing to create new options to give customers a greater experience on their website.

“With the support of our investors we’ve worked hard to test and enhance the customer experience, as well as finesse the functionality of our original platform to include options such as new calculators and video chat,” he said.

Westpac’s investment so close to the company being founded, indicates that banking giant believe that uno has the ability to disrupt the mortgage market with their new innovation, which was reinforced by Chief Strategy Officer of Westpac, Gary Thursby:

“Uno’s success has been impressive and we’re seeing its potential to become a serious player in the home loan market. Westpac has been involved since the concept phase, and today we’re pleased to announce we will increase our involvement in uno as a strategic investor.

Westpac is proud of its reputation as a supporter of early stage FinTech companies like uno that drive digital innovation and benefit Australians.”

Thursby also praised the process that uno involved, as it removed the “clunky, face-to-face interaction with brokers to something that is digitally enabled accompanied by a personal service.”

The backing showcases the work Westpac is doing in collaborating with FinTech startups to keep ahead of the game with innovative technology within financial services.