- TechLend offers homebuyers interest-free bridging loans with same-day pre-approval
- Partners for Growth has invested $450 million in over 60 Australian startups
New non-bank lender TechLend has secured an additional $50 million in funding from Silicon Valley venture debt and Partners for Growth, a growth credit fund, to turbocharge growth.
TechLend is seeking to disrupt the mortgage market by offering homebuyers interest-free bridging loans with same-day pre-approval.
Partners for Growth has invested $450 million in over 60 Australian startups to date as part of its strategy to invest in emerging growth companies. These vary from leading e-commerce furniture and mattress company Koala, small business loan specialist Propspa and rewards platform Cashrewards.
TechLend’s products have recently garnered strong demand, with a doubling of its loan book during the past month.
“We’re excited to have Partners for Growth join us in providing a better solution for Australian borrowers. They recognise the magnitude of the problem and also the opportunity that exists in solving it,” TechLend chief executive Aaron Bassin said.
“This funding allows TechLend to compete directly with the traditional lenders, offering Australians who would otherwise struggle to access short term loans, a fast and cost-effective solution.”
Mr Bassin added that more funding would follow to facilitate the continued growth of the business, including debt-funding facilities and possibly an IPO.
“The investment is going to provide the necessary runway to TechLend for the next 12-to-18 months, in what will enable us to provide fast bridging loans to homebuyers,” he said.
Jason Georgatos, Partners for Growth managing director, added the fund is pleased to partner with TechLend.
“(This funding allows) the company to continue its rapid growth, in what is a near-untapped area of the Australian lending market,” he said.
“TechLend’s vision fits well with PFG’s strategy of backing global fintech disruptors.”
