Non-bank launches $5m capital raise

WLTH, a Brisbane-based fintech, has said that the raised funds would be used to help accelerate the growth of its proprietary technology platforms ahead of the upcoming launches of its B2C payments app “WLTH Pay” and loyalty program “WLTH + Loyalty”, as well as make key hires for its newly opened Sydney office. 

Co-founder and CEO of WLTH, Brodie Haupt said: “This investment will allow us to have a comfortable buffer to cover all of the significant costs and OPEX required to launch our next two offerings, while also allowing us to meet the requirements of our growing team.

“With lofty targets to settle and a mandate to really shake up the property lending space in Australia, this seed round will definitely put us on the right path to reaching our goals,” Mr Haupt concluded.

It added that it hopes the raise will bring it closer to achieving its goal of settling $330 million of loans by the end of this financial year. The non-bank officially launched its mortgage offering last month and revealed that it has $86 million worth of approval volume via its flagship low-interest Lending Loop offering.

Once closed, the round will bring WLTH’s total raised capital to $6.44 million, after an initial $1.44 million founder investment round at the end of 2020.

WLTH said it has plans to open a Series A round in June 2021, with the goal of raising $20 million. 

The fintech recently hired ex-MYOB executive Jo-Ann Chung as chief producer officer, as well as David Chapman – who has previously worked as chief information officer at G&C Mutual Bank and Teachers Mutual Bank – as chief technology officer.

[Related: Digital lending provider announces launch]