Fintech Finspo aims to roll out ‘robo mortgage broking’
Summary
Now, there is a push to use the technology to sift through hundreds of home loans and recommend mortgages to customers. As banks compete on their digital home loans, fintech Finspo plans to develop technology that would automate part of the mortgage broking process, by generating advice to help clients pick a loan from its panel of about 35 banks and other lenders. It is the latest sign of how technology is shaking up the mortgage business as banks and fintechs compete to offer customers a quicker way to get a loan or refinance. Finspo, which started in 2019, is a mortgage broker founded by former bankers including chief executive Angus Gilfillan, who was previously head of consumer lending at National Australia Bank.The fintech recently raised $2.55 million in equity in its Series D capital round, and it says the funding will help develop technology that will generate mortgage broking advice that would then be reviewed by a human mortgage broker. While there has been a surge in fintechs targeting digital loan approvals in recent years such as neobanks and tech-based players such as Tic:Toc Gilfillan said Finspo was aiming to disrupt mortgage broking itself.