Australian FinTech startup LoanDolphin has been valued at $5m after it completed its seed financing from two key investors.
The Sydney-based company secured $1.1m from entrepreneur Barry Lambert and H2 Ventures.
Lambert, one of the pioneers of mortgage lending in Australia, provided the bulk of the funds investing $1m in the startup.
He became known as the founder of Count Financial, Australia’s largest network of accountant-based financial advisers, which he sold to Commonwealth Bank five years ago.
Commenting on the funding round Lambert said that LoanDolphin’s platform is the next generation in mortgage broking efficiency and borrower savings.
LoanDolphin manages a free online mortgage lending platform where consumers can get a new home loan or remortgage.
The platform, which launched in February 2016, is said to have delivered average annual savings of $5,254 to home owners.
Mortgage lenders use the platform to out-bid each other for customers.
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