Nonbank WLTH secures $3m seed, launches $15m Series A funding round
Brisbane-based digital lending and payments provider WLTH has raised $3 million in seed funding and will use the capital to fast track the growth of its fintech platforms and to expand offshore.
WLTH said the funding will also be used to continue the support of its clean ocean initiative in partnership with global eco-organisation Parley for the Oceans, which promises to clean up 50m2 of coastline for every loan settled, as well as issue cards made from recycled ocean plastic.
Off the back of the seed raise, the digital lending and payments platform said it will open a Series A funding round in August 2021, to raise $15 million.
WLTH has Since the 2021 launch of its new variable owner-occupied home loan rate of 1.99 percent and the digital application system Lending Loop, WLTH has generated more than $700 million in loan inquiries and is on track to have settled $1.2 billion in loans this financial year.
WLTH plans to work with small and medium business owners to develop a suite of products to solve cash flow issues, including card-linked credit facilities, invoice-secured buy now pay later options for businesses, loyalty points, and a high-security business payments platform.
Co-founder Brodie Haupt said in the six months since the fintech’s official market launch, the company has exceeded growth projections and hit the seed-raising targets. “This will help to bring us one step closer in establishing ourselves as a market leader; one of our core objectives since designing WLTH to shake up the lending and payments space.”
“As part of this vision, WLTH is committed to creating real impact for our environment, in comparison to many of the big banks that maintain cosmetic social responsibility policies, while contributing tonnes of plastic credit card waste into the oceans each year,” he said.
“Having just launched our five-year partnership with Parley for the Oceans, we will be working closely to fight back against plastic pollution and use our resources to drive positive change on Aussie shores and overseas.
“As we move towards our Series A, we’ve set a target to settle a further $1.2 billion loans over the next financial year, and we are excited to continue growing our business through strategic acquisitions, while also delivering our full product ecosystem to market,” Haupt said.