Loan-automation software firm CreditLogic secures €1.5m in new funding
Summary
CreditLogic, a company building software to speed up loan applications, has now raised a total of €2.4m in funding and launched a new product. Founded in 2018 by former bankers Eddie Dillon and Gavin Bennett, and chaired by private equity veteran Dr Martin Scott, the fintech develops software for banks and mortgage brokers, which it claims can reduce the time and cost of new loan processing by more than 50pc. The platform was created to automate manual and costly application processing and allows for consumers and their financial advisers to fill out documents digitally in less than 10 minutes. “This funding accelerates the CreditLogic product roadmap and our vision of transforming the loan origination process for consumers, financial advisers and lenders.” Following this new funding announcement, CreditLogic said it is launching a new product – called Virtual Assistance – that allows advisers and consumers to collaborate on loan applications online in real time. Virtual Assistance gives the adviser full visibility of the customer’s digital experience, allowing them to interact and provide real-time help from initial enquiry to mortgage completion.” By securing this new funding, the company will be looking to accelerate its tech development in the coming years.