Startup Daily TV: WLTH is taking on the Big 4 banks with cheaper, tech-driven mortgage lending

Brisbane fintech WLTH calls itself a digital “non-bank” providing financial services to the Australian market. 

The digital lender and payments provider launched just a few weeks ago after spending more than a year develop its tech stack amid ambitions to capture $1.23 billion worth of residential and commercial loans by the end of FY22.

WLTH’s flagship product, the ‘Lending Loop’ platform, offers a simple five-step digital application process to apply for a property loan or to refinance an existing loan. They’re hitting the market with highly competitive rates, with owner-occupier residential variable rate loans 2.09 % (comparison rate 2.15%). 

Co-founder and serial entrepreneur Brodie Haupt is focused on bringing a range of tech-centric products, including commercial and residential lending, transactional accounts, a payments app, and high-value loyalty system along with other further fintech solutions.

But he doesn’t want WLTH to be called a bank.

“For too long Australians have had to jump through hoops in order to secure a loan, whether it be for personal or business purposes,” he said.

“We strongly believe WLTH is in a unique position to bring an improved and higher value experience to market. For this reason, we don’t call ourselves a bank. Our competitive differentiation lies in being able to provide financial services that meet the needs of Australians, without the bureaucracy, limitations and legacy systems of the Big 4.”

Brodie Haupt spoke to the Startup Daily show on ausbiz recently to tell us more about WLTH’s plans and growth.

Click on the story below to hear what he had to say about it.

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