Sydney-based proptech startup, Downsizer, has secured A$3.75 million in seed capital.
The spherical was led by Correlation Australia Holdings (CAH), supported by current shareholders, together with household workplaces and high-net-worth people.
It brings the whole raised up to now to $6.1 million.
Downsizer is an award-winning startup that gives digital options for the finance, property, and insurance coverage industries to assist these trying to transition to a brand new dwelling and enhance their way of life and funds.
The recent money might be used to hurry up the expansion of the corporate’s SaaS platform, which operates on the intersection of fintech, proptech, and insurtech.
Its Deposit Energy Downsizer Bond lets individuals to make use of the fairness of their dwelling to again a deposit bond and safe a brand new property with out placing down a money deposit.
The Downsizer Bond simplifies the house transition course of for older owner-occupiers who might not go a conventional credit score evaluation. They’ll safe a brand new dwelling with out promoting their present one, raiding their financial savings, or superannuation.
The bond can also be out there to buyers, together with Self-Managed Superannuation Funds (SMSFs).
The applying course of is straightforward, on-line, and automatic, with the know-how underpinning the platform consider lending dangers equivalent to the worth of your house and age group.
Downsizer cofounder and managing director Mark Macduffie stated a giant attraction for downsizers is decreasing dwelling upkeep and chores, upsizing luxurious and comfort, and releasing fairness to high up retirement revenue, however, on the similar time, funding a money deposit is a giant barrier.
“Our mission is to assist downsizers obtain their desired dwelling transition, to allow them to cease worrying and begin dwelling! We’re thrilled to welcome Correlation and Lombard as buyers and enterprise companions. Culturally and commercially it’s a terrific match,” he stated.
The proptech’s know-how helps property builders, actual property brokers, monetary advisors, mortgage brokers, lenders, insurance coverage brokers, and underwriters to interact with Child Boomers and Gen Xers aged 50+ years.
The platform offers digital content material and market insights and likewise has a nationwide property market the place builders can checklist off-the-plan properties and entry a real-time gross sales dashboard.