Media Release: Credi Seeking To Power “The Bank Of Mum & Dad” Internationally
- Australian FinTech empowering people to help each other and take control of their financial relationships through the use of a loan management platform
- Seeking to raise $2 million to expand into New Zealand, United Kingdom & the United States
- $28 million of loans created in first four months of launch
- Over 1000 accounts account holders
Disruptive Australian FinTech, Credi Pty Ltd (“Credi” or “Credi.com”), is seeking to raise $2 million by working through WholesaleInvestor.com (“Wholesale Investor”) in order to target its network of sophisticated Australian investors. The capital will be used by Credi to enter into the New Zealand, United Kingdom and United States FinTech market.
Tim Dean, CEO of Credi, said:
“Credi’s success in Australia has surpassed all of our expectations. Since our launch in April, we now have over a thousand users putting through $28 million of loans on our platform.
“This success has given us the confidence to go to market and raise the capital we need to accelerate our global rollout, across the Tasman and then Europe and America.”
Wholesale Investors is Australasia’s leading private investor platform with a 17,000-strong network.
In commenting on Credi.com’s use of Wholesale Investors, Tim Dean said:
Raising capital through Wholesale Investor is an astute move as it directly engages the most important segment of Credi’s target audience, the potential users of Credi.com.
“High net worth individuals are constantly called upon to lend money – to family, to friends, to start-ups. Our platform enables a cost-effective, highly efficient means of documenting the loan and removing the embarrassment and the anguish.”
Credi.com is an efficient, cost-effective means of formalising loans between family members, between friends and between businesses that removes the stress, the heartache and the potential for legal action.
The platform allows users to negotiate the terms of a loan and, once agreed, provides formal loan documentation.
Credi calculates the repayments and the interest, sending out reminder notices and allowing repayments to be modified according to cash received. The terms of the loan are fully flexible to match the requirements of the borrower and lender.
Commenting on the motivation behind the creation of Credi.com, Tim Dean said:
“Like all parents with grown-up children I was always being asked for money for everything from a phone and a replacement laptop to a new car.
“So instead of simply handing over cash to my son when he asked for money my wife and I made an agreement through Credi.com. We barely spoke about it. Not only did it remove the embarrassment and relieve stress it is also teaching my son about financial responsibility.”
“Credi has taken off because of the challenging economic environment and the inability of banks to respond sympathetically, especially in the crucial area of housing.
“The only way that most young people will be able to own their own home is with a substantial loan from their parents. So the Bank of Mum and Dad is playing a crucial role in both the economy and maintaining social cohesion.”
Tim Dean also notes that driving the success of Credi is the ease with which it can be used:
“We want to take the pressure off families by turning informal agreements into credible, manageable and formal ones by keeping properly completed documentation in a single place as well as looking after repayment schedules and reminders.
“The platform we’ve built is so flexible and user-friendly that the two parties can set up a loan in a few minutes and with a myriad of options.
“Consumers can use Credi to formalise a single loan for free. Thereafter each loan is $99.”
As part of the capital raising, Credi will be inviting interested investors to use Credi.com as part of the application process for no charge.
Commenting on this trial of Credi.com, Tim Dean said:
“Interested investors will be able to make a first-hand assessment of the product in which they will be investing.
“I am confident that sophisticated investors will see the tangible need for Credi and be impressed by the ease with which the platform can be used.”
Credi Pty Ltd is a financial technology business, not a marketplace lender. Credi’s mission is to change the way people lend money. Credi wants to empower people to help each other and take control of their financial relationships without creating friction or stress.
Learn more at https://credi.com
About Wholesale Investor
Wholesale Investor is a Australasia’s leading private investment platform connecting innovative private, pre-IPO and listed companies with high net worth and professional investors looking for investment opportunities.
For further information please contact:
Rod North, Managing Director,
Bourse Communications Pty Ltd
T: (03) 9510 8309, M: 0408 670 706