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Fintech startup WLTH has today closed a $3 million seed round as the Brisbane-based company gears up to expand its Australian operations and shift into overseas markets.
Since launching to customers in January, WLTH has digitally offered business and home loans to customers around Australia but distinguishes itself as a "non-bank".
The company is on a mission, according to CEO and co-founder Brodie Haupt, to "shake up the lending and payments space".
On the back of the seed round, WLTH also announced a Series A funding round planned for August, with the aim of raising $15 million.
If successful, those funds will finance expansion plans, allowing WLTH to fast track the growth of its proprietary fintech platforms.
The group is currently eyeing a move into the personal accounts space and has also outlined plans for a rewards program, WLTH + Loyalty, and a batch payment platform for connecting businesses and suppliers, WLTH B2B.
"After a very successful six months since our official market launch, we have been fortunate enough to exceed our future growth projections and hit our seed raising targets, which will help to bring us one step closer in establishing ourselves as a market leader," Haupt said.
"As part of this vision, WLTH is committed to creating real impact for our environment, in comparison to many of the big banks that maintain cosmetic CSR policies, while contributing tonnes of plastic credit card waste into the oceans each year."
Launched last month, an arrangement with New York-based Parley for the Oceans will see the lending platform introduce cards made from upcycled ocean waste. In addition, Parley committed to cleaning up 50sqm of coastline for every loan settled.
First founded in Brisbane in 2019 by serial entrepreneurs Brodie Haupt, Drew Haupt, Darren Hodgkin, and John Kerr, WLTH's first product made public was its flagship Lending Loop Platform, which allows customers to apply to secure or refinance a home loan through a five-step digital application process.
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