Australian neobank Volt has acquired fintech lender Australian Mortgage to speed up the mortgage approval process as part of its banking-as-a-service offering.
The deal will see Volt cut turnaround times for mortgage approvals from weeks to as little as 15 minutes.
The product will be distributed through Australian Financial Group (AFG), which acquired an eight percent stake in the digital banking startup last month, commencing with a Q4 2021 pilot and full commercial roll out to all of AFG’s 2,795 brokers in early 2022.
Andrew Clouston, Volt chief customer and partnerships officer, says: “Many lenders are simply digitising pre-existing document-based processes and, as a result, the time to unconditional approval for mortgages has not significantly improved.
“Australian Mortgage and Volt have instead rebuilt the entire process and created a genuinely data-driven solution that offers real efficiency for brokers. This allows them to focus on the personalised customer service that underpins the important role mortgage brokers play in every Australian’s home ownership aspirations.
“Bringing in a lending component to our BaaS platform completes our transition from a fintech start-up to a full-service challenger bank with a multi-channel revenue capability, purpose-built to rapidly scale lending volume.”