CreditLogic, which has developed technology that automates the mortgage application process, has raised €1.5 million in a new funding round.
The funding brings total investment in the Irish start-up, which was founded by KBC Bank Ireland's former director of innovation Eddie Dillon and its head of development Gavin Bennett, to €2.4 million.
The fintech has created a loan origination platform for banks and brokers which, it says, reduces the time and cost of processing new mortgages by more than half.
The software-as-a-service (SaaS) offering provides a white-label, multichannel solution, enabling consumers and their financial advisers to complete a loan application on either mobile phone or desktop in less than 10 minutes by automating much of the process.
Mr Dillon, the company’s chief executive, said CreditLogic was “working with almost all the leading consumer marketplaces and financial advisers and a number of domestic banks and specialist lenders”.
“At the heart of our platform is task automation and analytics to automate antiquated processes so we can speed up the process and provide a greater level of cost savings for our customers, some of which are very eager for us to start providing other products in areas such as consumer finance,” he said.
The funding round was led by Dr Martin Scott, who joined CreditLogic as chairman last year. Dr Scott is a partner at private-equity firm Riverside, which funded the recent merger of Irish security monitoring company Netwatch with companies in the United States and the United Kingdom. He holds a PhD in machine learning and artificial intelligence.
A number of fintech investors in Ireland and Britain, who Mr Dillon said had all previously exited either consumer or tech businesses, have joined existing backers and Enterprise Ireland for the latest fundraise. The financing is to be used to accelerate CreditLogic's product roadmap.
It coincides with the launch of its Virtual Assistance solution, which allows financial advisers and consumers to interact and collaborate on loan applications in real-time digitally.
“Virtual Assistance gives the adviser full visibility of the customers’ digital experience, allowing them to interact and provide real-time help from initial enquiry to mortgage completion.
“Consumer feedback has been extremely strong,” said Mr Dillon. “They no longer feel isolated in a digital-only journey, having to revert to an offline manual process.”