Tic:Toc Home Loans

Tic:Toc, also known as Tic:Toc Home Loans, is an Australian platform technology company and non-bank home lender based in Adelaide, South Australia.[2] Founded in 2015, but launched to the public in July 2017, Tic:Toc offers automated digital home loans to consumers while selling their automation technology to other lending businesses.[3][4][5] Bendigo & Adelaide Bank are a major shareholder, owning a 27 percent stake in the business.

Tic:Toc Online Pty Ltd
TypePrivate
IndustryPlatform technology, Financial technology, Financial services
Founded2015..[1]
HeadquartersAdelaide, South Australia, Australia
Area served
Australia
Key people
Anthony Baum (Organizational founder and CEO)
ProductsMortgages
Number of employees
130
Websitewww.tictoc.com.au

History

Tic:Toc was founded in 2015 by Anthony Baum, and secured seed funding in 2016 from Bendigo & Adelaide Bank, who also provide the funds for Tic:Toc’s home loans.[1][6] In March 2017, the company closed its Series A funding round, securing A$4.1 million in further funds from Bendigo & Adelaide Bank.[1]

The company officially launched its home loan offering in July 2017.[7] In December 2017, Tic:Toc announced an expansion of services to include Tasmania, officially expanding their serviceable area to cover all states of Australia.[8]

Tic:Toc closed a Series B funding round in July 2018, raising A$11.5 million.[9] The raise was led by La Trobe Financial and Genworth Financial’s Australian arm, Genworth Mortgage Insurance Australia.[9]

In November 2018, Tic:Toc announced it would offer their technology to Bendigo & Adelaide Bank as part of their first enterprise partnership.[10] In March 2019, Bendigo Bank launched Bendigo Express, a digital home loan white-labelled under the Bendigo Bank brand.[10]

On February 5 2020, Tic:Toc launched its first software offering, XAI Validate, which uses artificial intelligence and machine learning to automate the validation of customer data.[5][11]

Yasmin Allen was appointed chairman of the board in November 2021.[12]

Tic:Toc closed a Series D funding round in December 2022, raising A$54 million. The raise was led by Regal Funds Management and is made up of A$30 million raised in February, with a further A$24 million raised from existing investors Bendigo & Adelaide Bank and IAG Firemark Ventures .[13]

Up announced early access for its first home loan product, Up Home, in July 2022.[14] The Up Home offering is built on Tic:Toc technology and funded by Bendigo and Adelaide Bank.[15]

Qantas Money Home Loans launched in early February 2023,[16] and is a white-label mortgage product of Tic:Toc and funded by Bendigo and Adelaide Bank.

Tic:Toc was approved as an unrestricted accredited data recipient by the Australian Competition & Consumer Commission under the Consumer Data Right in March 2023.[17]

NRMA launched their new market product, NRMA Home Loans, in October 2023,[18] a white-label mortgage product of Tic:Toc: and funded by Bendigo and Adelaide Bank.

References
  1. Palmer-Derrien, Stephanie (1 August 2018). "Fintech startup Tic:Toc raises $11.5 million to take the hassle out of home loan approvals". Smart Company. Retrieved 12 May 2021.
  2. Fedorowytsch, Tom (11 July 2017). "SA jobs: Tic Toc online home loans to add 200 new Adelaide workers". ABC News. Retrieved 12 May 2021.
  3. Bennett, Tess (16 August 2017). "Tic:Toc Wants To Bust The Big Bank Myth About Online Home Loans". Which-50. Retrieved 12 May 2021.
  4. Whitten, Richard (26 February 2019). "Bendigo speeds up home loans with help from Tic:Toc". Finder. Retrieved 12 May 2021.
  5. Eyers, James (22 April 2021). "Aussie takes on big four with digital mortgages". Australian Financial Review. Retrieved 12 May 2021.
  6. "Making home loans faster, smarter and simpler". Tic:Toc. Retrieved 12 May 2021.
  7. Bolza, Miklos (11 July 2017). "Fintech launches with 22-minute home loan". Australian Broker. Retrieved 12 May 2021.
  8. North, Martin (18 December 2017). "Tic:Toc expands to Tasmania, as NSW investors rush to purchase in Hobart". Digital Financial Analytics. Retrieved 12 May 2021.
  9. Eyers, James (30 July 2018). "Digital home-loan play Tic:Toc raises funding from Genworth, La Trobe". Australian Financial Review. Retrieved 12 May 2021.
  10. "Bendigo Bank customers to benefit from instant home loan tic of approval". Bendigo Bank. 1 March 2019. Retrieved 12 May 2021.
  11. Eyers, James (5 February 2020). "Tic:Toc launches 'responsible-lending-as-a-service'". Australian Financial Review. Retrieved 12 May 2021.
  12. "Tic:Toc taps ASX for chairman, takes aim at big four". Australian Financial Review. 2021-11-16. Retrieved 2023-01-10.
  13. "IAG backs Tic:Toc in $54m raise to disrupt insurance". Australian Financial Review. 2022-12-15. Retrieved 2023-01-10.
  14. "Up Home: Everything you love about Up, in a home loan". Up - Upgrade your banking. Retrieved 2023-05-02.
  15. "Digital mortgages race picks Up with Tic:Toc". Australian Financial Review. 2022-08-21. Retrieved 2023-05-02.
  16. Kane, Annie (2023-02-07). "Home loan offering takes off at Qantas". www.mortgagebusiness.com.au. Retrieved 2023-02-08.
  17. Suljanovic, Adrian (2023-03-14). "Tic:Toc obtains CDR accreditation". www.mortgagebusiness.com.au. Retrieved 2023-03-27.
  18. "NRMA to offer home loans funded by Bendigo Bank". Australian Financial Review. 2023-10-25. Retrieved 2023-10-26.
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