Digital lending and payments provider WLTH has landed a $3 million seed round, with the Brisbane fintech now launching a $15 million series A with an eye to international expansion.
The venture, founded in 2019, has trimmed its sails since originally announcing its intentions earlier this year for a $5m seed, followed by a $20 million series A.
The seed funds will be used to fast track the growth of WLTH’s fintech platforms, expand internationally and support the company’s clean oceans initiative.
Co-founder and CEO Brodie Haupt said that since launching its 1.99% variable rate owner-occupied home loan rate and digital application system, ‘Lending Loop’, WLTH has generated more than $700 million in loan enquiries.
“After a very successful six months since our official market launch, we have been fortunate enough to exceed our future growth projections,” he said.
“As we move towards our series A, we’ve set a target to settle a further $1.2 billion loans over the next financial year, and we are excited to continue growing our business through strategic acquisitions, while also delivering our full product ecosystem to market.”
Haupt said that WLTH was also committed to improving the environment as part of its vision.
“Having just launched our five-year partnership with Parley for the Oceans, we will be working closely to fight back against plastic pollution and use our resources to drive positive change on Aussie shores and overseas,” he said.
Parley for the Oceans has pledged to clean up 50m sq of coastline for every WLTH loan settled, and WLTH is issuing cards made from recycled ocean plastic.
The series A round will open next month, targeting $15 million.
Haupt said WLTH also intends to work with small and medium business owners to develop a suite of products to solve cash flow issues, including card-linked credit facilities, invoice-secured buy-now-pay-later (BNPL) options for businesses, loyalty points, and a high-security business payments platform.
The seed round will help launch its business payments platform and loyalty program ‘WLTH + Loyalty’
Serial entrepreneurs Brodie Haupt, Drew Haupt, Darren Hodgkin, and John Kerr launched WLTH in Brisbane in 2019 looking to reimagine the financial services industry with tech-centric products.
WLTH currently has offices in Brisbane and Sydney, with national expansion plans.