Verteva, an Australian fintech startup has reportedly secured about US$21.4 million in Series A funding round from Bolton Equities, an investment services company.

The start-up based in Sydney was originally founded in 2019 and aims to create a digital alternative driven by data, for customers across the home lending space. The firm has been under the stealth mode until now, and prefers to utilize the funds for product development, business expansion and market entry.

Verteva’s Founder and CEO, Andrew Walker said that the large majority of mortgages coming out during the face-to-face meetings by utilizing manual processes of credit assessment and paper-based forms show that the loan industry is outdated.

Walker continued that the changes to occur in the present distribution model will most likely boost to be digitally-based, keeping in line with both Europe and the U.S. markets.

The firm has been planning to upgrade the processes by having it moved online and using decision-making which is mostly data-driven, along with the current advancements in technology to be able to build frictionless customer experience.

Chris Dinnen, CEO of Bolton Equities stated that the experience and the strength of the leadership of the Verteva team have set them apart in comparison with the other companies that have been seeking to disrupt the lending industry.

According to reliable sources, Walker has been leading Verteva along with Chris Lumby who is the founding chief officer of the company. The two of them had worked together previously in executive roles in Westpac, a provider of financial services.

For the record, Bolton Equities has its headquarters located in Auckland and is mostly involved in investing in charities and private firms across Australia, the U.S., New Zealand and the UK. The company’s portfolio covers different firms that have been operating in the healthcare, entertainment sectors, tech-enabled services and fintech.

Source Credit- https://www.techinasia.com/verteva-bags-21m-digitize-home-lending