Digital home loan disruptor Athena secures $70 million in venture capital
Written on the 22 October 2019 by Business News Australia
Digital home loan platform Athena Home Loans has completed a $70 million Series C funding raise led by leading Australian venture capital (VC) funds.
The injection of capital will allow the digital disruptor to begin offering home loans for property purchase, adding to the group's successful mortgage refinancing operations.
Existing investors Square Peg, Airtree, and Hostplus were joined by AustralianSuper, Salesforce Ventures, NAB Ventures and Apex Capital in the mammoth capital raise.
For AustralianSuper, the investment in Athena was its first foray into early stage VC investment.
Athena was founded in 2017 by Nathan Walsh and Michael Starkey to disrupt and tackle the traditional home loan sector head on.
The group build a digital home loan platform to deliver savings to borrowers and backed by local home loan experts.
Athena's point of difference is built on removing bank fees and complications via its digital platform allowing the company to pass savings onto customers.
Being able to open the platform up to those looking to buy a home will allow Athena to tap into a whole new market according co-founder Walsh.
"Since we launched our refinancing solution in February this year, we've written over $500 million worth of home loans," says Walsh.
"By opening up our platform to people looking to buy a home, we'll help even more Aussie families access big savings and pay off their home loan faster."
Athena claims that those using the platform are able to save on average $60,000 over the life of a loan, with $70 million saved in total by users since the business began.
Co-founder of Square Peg Capital Paul Bassat, one of the Series C investors, says he is excited to support the growth of Athena.
"Athena continues to grow at pace because borrowers are drawn to its steadfast commitment to saving them money and helping pay off their home loan faster," says Bassat.
"Athena has passed on each RBA rate cut immediately, rewarded loyalty with annual discounts and the guarantee that new customers won't be wooed with better rates."
"Athena is genuinely revolutionising the mortgage industry."
Business News Australia
Author: Business News Australia