The Australia-based Young FinTech Company Raises almost $70 million in its Series C funding round.
FREMONT, CA: The young FinTech company, Athena Home Loans, secured $70 million in Series C funding round. Founded in 2017 by former banking veteran Nathan Walsh and Micheal Starkey, Athena is a cloud-based alternative home loan platform that is designed to impart a substitute for the Big 4.
The startup raised total funds worth $40 million from Series A and B prior to its launch in February 2019. Athena saw an input of $250 million in the applications just within the first three days of launch.
Athena's Series C round of funding is deemed as the biggest-ever Aussie round presided over by local investors along with the existing investors Square Peg, Airtree, and Hostplus on board too. NAB also participated among the host of VCs, including AustralianSuper, Salesforce Ventures, and Apex Capital in the round.
The funds collected will fuel the growth of the business, mainly helping Athena to move into the purchasing market along with its present refinancing offering. Since the launch of its refinancing offering in February, Athena reports having written more than A$500 million in loans. The new funding can enable the provision of credits for the purchase of homes.
Athena is moving into a broader market than refinancing, as the sector of refinancing accounts for a minimum of 20 percent of the home loan market, and now the startup focuses on the other 80 percent of the market as well.
The startup's new offering of home loans is attractive as It provides a competitive interest rate. This alone is enough to spark consumer interest. Athena Home Loans will be able to maintain its low prices due to the digital platform. The new platform will save Athena the money that helps reduce costs for customers. The startup has targeted a sector which will help in the expansion of the company.