WLTH opens its doors to more mortgage brokers

Digital lending platform WLTH has opened its doors to more mortgage brokers, offering them direct accreditation and access to a robust array of competitive lending products.

Since its soft launch in January, WLTH managed to settle over $50 million loans to select brokers. Now the company is looking to widen its reach.

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WLTH’s end-to-end process can happen purely online. The non-bank offers digital signatures on applications and loan documents, including SMSF limited recourse borrowing arrangement (LRBA) loans and a digital identification process that eliminates the need for face-to-face interaction.

Brokers under WLTH are promised tailored support along with access to a purpose-built broker portal where they can submit applications, track status updates and seek assistance through chat.

A broker decision engine is also in the works. Once finalised, WLTH can assess applications live to secure a full credit assessed approval within 24 hours.
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Moreover, WLTH offers another incentive for onboarding brokers: every loan settled will empower WLTH’s partnership with Parley for the Oceans to clean up 50sqm of beachfronts and coastlines. Not only will WLTH brokers make an impact via settled loans, but they are invited to join the clean-up and witness firsthand how they have contributed to the cause.

Interested brokers must hold an Australia Credit Licence to join.

Brodie Haupt, CEO and co-founder of WLTH, said it had been a colossal year for the group, after launching its flagship ‘Lending Loop’ loans, and a state of the art broker portal, via which brokers are supporting in onboarding, lodging and settling WLTH loans for customers.

The group also recently closed on a corporate merger deal and launched a $15m Series A funding round, stepping closer to its goal to finance $1.2bn worth of residential and commercial loans by the end of FY22. Its funding round is due to be completed by 10 December 2021.

The raise, which builds on WLTH’s $3m seed raise in July this year, will support its latest corporate merger deal, which founders say will be the first of many.

WLTH has finalised the merger with an established eight year old Australian payments platform credited with servicing over 7,000 SME clients and 150,000 payees, and processing in excess of $1bn in payments volume per annum.

As part of the agreed corporate merger, WLTH will support the WLTH Pay product, which is anticipated to be launched in February 2022, with the merger partner’s leading payments technology infrastructure. This in turn will enable WLTH’s customers to access the product via one, simple platform ecosystem.

“We are excited to officially open our highly anticipated Series A at such a pivotal moment in WLTH’s history. The merger and raise indicates the maturing of the WLTH brand and signals the next iteration of our growth journey,” says Haupt.

“This deal is the beginning of a growth campaign for WLTH, which will involve further M&A activities, and venture capital partnerships. We are already in the process of closing a large deal which will significantly increase WLTH’s distribution and client base by mid-2022.

“Through this Series A round, we’re also looking to use some of the funds to invest in our growth strategies, as well as scale our distribution efforts by launching our loan product to the broker market, with the objective of having over 1,000 brokers writing WLTH loans by the end of the current financial year.”