CreditLogic, which has developed a technology that automates the home loan application process, raised 1.5 million euros in another round of funding.
The funding brings the total investment in the Irish start-up, founded by former KBC Bank Ireland innovation director Eddie Dillon and development manager Gavin Bennett, to € 2.4 million.
FinTech has created a loan origination platform for banks and brokers that it says cuts the time and cost of processing new mortgages by more than half.
The Software as a Service (SaaS) offering provides a white label, multi-channel solution, allowing consumers and their financial advisors to complete a loan application on a mobile phone or desktop in less than 10 minutes by automating much of the process.
Mr. Dillon, chief executive of the company, said CreditLogic “works with almost all of the major consumer markets and financial advisers and a number of national banks and specialist lenders.”
“At the heart of our platform is task automation and analytics to automate obsolete processes so that we can speed up the process and deliver a greater level of savings to our customers, some of whom are very keen on we were starting to supply other products in areas like consumer credit, ”he said.
The funding round was led by Dr Martin Scott, who joined CreditLogic as chairman last year. Dr Scott is a partner in private equity firm Riverside, which funded the recent merger of Irish security watch company Netwatch with companies in the US and UK. He holds a doctorate in machine learning and artificial intelligence.
A number of fintech investors in Ireland and Britain, who Mr Dillon said had all left consumer or tech companies before, joined existing lenders and Enterprise Ireland for the latest fundraiser. . Funding is to be used to accelerate CreditLogic’s product roadmap.
It coincides with the launch of its virtual assistance solution, which enables financial advisors and consumers to interact and collaborate on real-time loan applications digitally.
“Virtual assistance gives the advisor full visibility into the digital experience of clients, allowing them to interact and provide real-time assistance from initial request to finalization of the mortgage.
“The feedback from consumers has been extremely strong,” said Mr. Dillon. “They no longer feel isolated in a digital-only journey, having to go back to a manual offline process. “