Digital lender rebrands, writes first loan

Digital home loan provider Verteva has announced that it has rebranded to Nano and has refinanced its first home loan to test the capability of the platform.

The first home loan it processed was approved entirely via the mobile phone platform.

Commenting on the writing of its first home loan, Mr Lumby said: “We set out to execute on our build plans of writing our first home loan within six months of receiving our series A funding.

“We’re pleased to announce we achieved this at the end of October and within the original time frame. Pleasingly, the first home loan was completed entirely on mobile.”

The lender has also announced that it has begun official beta testing ahead of the company’s anticipated public launch in the first quarter of 2021.

According to the fintech lender, it will begin by initially offering home loan refinancing.

Nano was created in 2019 by two former Westpac group executives – founding CEO Andrew Walker and founding chief experience officer Chris Lumby.

The fintech lender aims to use data and digital technologies to evaluate properties digitally, check credit, centralise financial health, and assess income and expenses securely.

In May 2020, Nano secured $33 million in a series A capital raising funded entirely by a single investment company, New Zealand entity Bolton Equities.

The funding was to be used on product development, business expansion and market launch.

Nano has also announced that key companies such as Experian, Amazon Web Services, Cloud Lending and Salesforce have contributed to building the brand’s platform.

Nano has launched its teaser website and can now be found on LinkedIn, Instagram and Facebook.

[Related: New lender to enter the mortgage space]

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.