Volt Bank acquires Australian Mortgage Marketplace

By on
Volt Bank acquires Australian Mortgage Marketplace

Will use tech to offer faster verified approvals.

Neobank Volt has acquired digital-only lender Australian Mortgage Marketplace (AMM), allowing the digital bank to scale its own digital mortgage offering.   

Volt was already partnered with AMM to assist in the launch of a fully digital mortgage offering in the second half of this year.

The acquisition was driven by Volt’s ambition to own the strategic IP within AMM’s products, which will form a key part of the bank’s own banking-as-a-service (BaaS) offering.

Volt can now use AMM’s digital mortgage platform, or ‘Intelligent Credit’ solution to offer fully verified approval times of less than 15 minutes.

The new solution is expected to assist mortgage brokers increase conversion rates and improve the customer experience via faster approvals.

It will be distributed through Volt’s BaaS platform and in partnership with Australian Financial Group (AFG).

Volt recently announced a deal that will see AFG use its BaaS platform. The deal included a $15 million equity investment in Volt by AFG.

AFG will pilot the solution in the last quarter of 2021, before it is made available to roughly 2795 AFG brokers in early 2022. 

Volt stated the acquisition of AMM and the alliance with AFG offers “a unique combination of ingredients” to bring technology and data analytics capabilities to market “and the ability to leverage broker distribution at scale.”

Volt chief customer and partnerships officer Andrew Clouston said Australian Mortgage and Volt have “rebuilt the entire process and created a genuinely data-driven solution that offers real efficiency for brokers”.

“This allows them to focus on the personalised customer service that underpins the important role mortgage brokers play in every Australian's home ownership aspirations,” Clouston said.

Got a news tip for our journalists? Share it with us anonymously here.
Copyright © iTnews.com.au . All rights reserved.

Most Read Articles

Log In

  |  Forgot your password?