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“If you know about the property and the family, the only attribute that you don’t have – and that you need to know to offer insurance – is about the contents. Mr Baum said Tic:Toc has been working on the ability to add insurance products into the platform that uses the data it collects while approving a customer for a home loan to offer a quote for home and contents insurance.

#Tic toc series#

IAG’s corporate venture arm, which first invested in Tic:Toc in 2018, increased its shareholding to approximately 11 per cent of the company.īendigo and Adelaide Bank also invested alongside IAG in both the initial and follow-on Series D raises and has a 27 per cent share of the company.Īnthony Baum, founder and chief executive of Tic:Toc, said both raises were completed at the same price – $102.09 per share – in a market where valuations have come under pressure thanks to the tighter private capital markets. The Series D round consisted of $30 million raised in February, led by Regal Funds Management, and a new $24 million strategic investment, announced Thursday, from existing investor IAG Firemark Ventures.Īnthony Baum, founder and chief executive of digital mortgage lender Tic:Toc. Since its launch, Tic:Toc has received home loan applications valued at more than $2.15 billion.Mortgage disruptor Tic:Toc plans to add insurance products to its technology platform after closing a $54 million funding round that values the business at $254 million and gives it more breathing space to prepare for an initial public offering.

#Tic toc full#

Results Reducing the loan application process from 22 days to 22 minutesĪs a result of this approach, the company was able to launch an innovative home loan experience, where customers can receive full home loan approval in as little as 22 minutes, compared to the 22-day industry average. The same automation approach was mirrored for other stages of the application process. With Tic:Toc, customers can simply enter the property address, then the Tic:Toc technology integrates that data on the back-end with a property database to instantly calculate the property value via their automated valuation model.

#Tic toc manual#

Using APIs, Tic:Toc drastically reduced the amount of information that customers have to provide and automated previously manual tasks, such as validating the customer’s identification and financial background as well as the property valuation. To automate the home loan process, Tic:Toc used APIs to unlock data from an e-form application as well as 21 other systems. Solution Delivering an instant, real-time loan decision Delivering their new product to market quickly to gain a competitive advantage.Offering real-time document generation and home loan decisions.

#Tic toc verification#

Integrating core system data from e-form applications, valuation and verification services, the credit bureau, scorecards, and more.

Objectives Integrating data to improve the home loan processįor Tic:Toc, delivering with a seamless, instant, home loan application experience required: For example, for just one step of the process - validating a property purchased via a home loan - an applicant has to provide their property address, the bank then identifies an appraiser to visit the property, the appraiser provides the property valuation to the bank, and the bank follows up with the customer on any gaps. The challenge with delivering instant home loan decisions, however, lies in the complexity of the traditional process. Tic:Toc focuses on removing inefficiencies in the home loan approval and fulfillment process - enabling customers to abandon paper-based processes and easily submit loan applications online to receive instant decisions on their applications.

Tic:Toc, an Australian fintech company, launched in July 2017 to transform the traditional home loan process and give Australians more control with a smarter home loan.

Challenge Eliminating paper-based home loan processes