The Joust platform brings disruption to the $1.7 trillion home loan mortgage market where $2 billion in fees are paid to mortgage brokers annually.

Described as a “consumer hero” fintech company - as Joust places the power back in consumers’ hands - Joust uses technology to provide transparency, competitive tension and superior customer outcomes to the home loan market.

Key points:
• Aiming to disrupt the mortgage broker channel under siege from the Hayne royal commission financial services inquiry
• Real-time auction platform driving competition and transparency to deliver lower interest rates to customers
• 2100 customers have already used the service, jousting home loans worth in excess of $1 billion
• $4.7 million company valuation (pre-money) representing a discount to comparable fintechs
• Funds raised will set Joust on a growth trajectory which includes new product and geographic expansion

Mark Bevan, Joust co-founder and CEO stated, “Joust is not a comparison site with a myriad of static rates, it is also not an online broker or aggregator. We are a revolutionary market-place model for home loan customers and lenders.

“Banks pay over $2 billion a year in commissions to mortgage brokers for the delivery of home loan borrowers, I know they want to pay less.

“Joust is an absolute disruptor to the $1.7 trillion home loan mortgage market. We have created a market-place for those that no longer want to deal with a middleman. We are the solution for banks and home loan consumers that want to circumvent the dated broker model. Our model is cheaper, simpler and more transparent”.

Using the capital it will raise via equity crowdfunding platform OnMarket, Joust plans to spend approximately half the money raised on a marketing campaign, with the remaining funds contributing towards new product development and potential overseas expansion.

Mr Bevan explains further, “The Joust platform is imminently scalable and, we believe it has significant growth potential both in its existing market and related markets. We currently operate only in the home loan space, but we are exploring offering new products through our platform, including insurance, car loans, and personal loans.”

Ben Bucknell CEO of OnMarket mentioned, “As a fellow fintech disruptor we are delighted that Joust has embraced the new equity crowdfunding laws. The investors that come to our platform are searching for the opportunity to invest in early stage, innovative and disruptive companies and Joust definitely meets this description.

The new crowd-sourced funding legislation allows unlisted public companies the opportunity to raise up to $5 million per year from the crowd. OnMarket has become the leading equity crowdfunding platform in Australia, successfully completing several equity crowdfunding deals in the short time since receiving an equity crowdfunding intermediary licence from ASIC.

The Joust equity crowdfunding offer is live via the OnMarket platform till August 3. Joust is targeting a minimum raise size of $700,000, and a maximum of $2 million. The minimum bid size into the offer is $500.