Australian fintech company Athena Home Loans acquires $70 million in its C round financing led by local investors. As the startup concludes the latest round, it’s one of the fast-growing startups in Australia.
It closed B series in November 2018, and the two rounds in less than 12 months emphasize the exponential growth of Athena and the home loan industry.
The latest round led by AustralianSuper and the participants are all from Australia include Square Peg Capital and Salesforce Ventures. “Closing the largest capital raise ever led by local venture funds,” Australian Financial Review.
Founded in 2017, Athena attracted Australians with its mortgage loan platform. The new investments its total funding to $113M. It started with a seed round of $3 million and closed both A and B series in 2018.
“Home loans for home purchase are 80% of the market. We’re going from targeting 20% with refinancing to now the full segment,” co-founder Nathan Walsh said.
ex-NAB bankers Nathan Walsh and Michael Starkey launched Athena with a great vision to raise the home loan industry to a better level. The startup not only focused on simplifying the process of getting a loan but a better way to pay it off as soon as possible. Unlike other home loan firms, Athena is not built around the banks, but customers.
The new capital will mainly reflect on the expansion to expand into home loans after an initial focus on the refinancing market. Offering loans for property purchase is another area the fintech is planning to enter.
According to the Financial Report, Athena had “written more than $500 million worth of loans by April 2019. The process of applying for loans takes less than 15 minutes in the cloud-based platform, and the loan will be finalized in a few minutes.
By bringing a digital space for home loans, this Sydney-based startup aims to decentralize the loans from banks.
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