Nano Digital Home Loans
Building a transformative digital alternative for customers in the home lending space.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | AUD33.0m | Series A | |
| Total Funding | 000k | ||
| USD | 2023 |
|---|---|
| Revenues | 0000 |
| EBITDA | 0000 |
| Profit | 0000 |
| EV | 0000 |
| EV / revenue | 00.0x |
| EV / EBITDA | 00.0x |
| R&D budget | 0000 |
Source: Dealroom estimates
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Nano Digital Home Loans, initially launched as Verteva, was established in 2019 by former Westpac executives Andrew Walker and Chris Lumby. Their experience in a major bank revealed the inefficiencies of legacy technology, inspiring them to re-engineer the mortgage origination process from the ground up. The company’s core mission was to address the slow, paper-heavy, and often frustrating experience of securing a home loan in Australia.
The firm has undergone a significant strategic pivot. Initially, Nano operated as a direct-to-consumer digital lender, offering residential home loans for refinancing, and later for new home purchases and investments. Its key value proposition was speed, leveraging proprietary technology to provide unconditional loan approvals in minutes rather than weeks. This was achieved through a fully digital, mobile-friendly process that automated identity verification, credit assessment, and property valuation. The product suite included features like an offset sub-account and a Visa card, with a commitment to not charge existing customers a 'loyalty tax'. However, citing challenges such as soaring funding costs, Nano ceased offering new loans and in January 2023, its residential mortgage portfolio, valued at approximately A$400 million, was acquired by AMP Bank.
Following the sale of its loan book, Nano has evolved its business model to focus exclusively on being a B2B technology provider. The company now operates as Nano Lending Solutions, licensing its patented, cloud-based mortgage origination platform as a Software-as-a-Service (SaaS) solution to other financial institutions. This platform enables banks, non-banks, and credit unions to automate and streamline their own loan application and decisioning processes. The revenue model is now centered on licensing this technology, with pricing typically based on the volume of mortgage applications processed. AMP Bank, the acquirer of its loan portfolio, became its first major technology client, using the platform to power its own digital mortgage offerings.
Keywords: mortgage origination platform, digital lending solutions, financial technology, B2B SaaS, loan automation, credit decisioning, property finance technology, fintech, mortgage technology, Open Banking, loan origination software, digital mortgage, Andrew Walker, Chris Lumby, AMP Bank partnership, Verteva, digital transformation, financial services technology, core banking technology, real estate finance