Tic:Toc, a South Australia-based fintech, has announced that it has secured a further $24 million in funding.
The round was led by existing shareholder IAG Firemark Ventures, taking its Series D to $54 million in total.
The funding will be used to "transform the digital lending category’ with its fully automated credit underwriting processes that operate on the company’s own proprietary AI-driven lending platform.
The company also hopes to accelerate the development of its platform to increase its modularisation and scale of application in Australia and overseas, as well as the growth of its retail business, which Tic:Toc says acts as a ‘proving ground" for its platform solutions.
Tic:Toc founder and CEO Anthony Baum said the backing of IAG (ASX: IAG), Australia’s largest general insurance company, reflected the success of the fintech’s platform-led business model, which has settled around $4 billion since the company was founded in 2015.
“We are thrilled to have IAG Firemark Ventures continue its investment in our platform,” Baum said.
“The continued support from our shareholders signals confidence in our strategy and demonstrates capital is available for sustainable organizations that are solving critical market problems.”
The Adelaide-headquartered digital lender, not to be confused with Chinese social media giant TikTok, now has a valuation of approximately $230 million following the second Series D tranche, adding to the $30 million it raised in February 2022
Round: Series D
Funding Month: December 2022
Lead Investors: IAG Firemark Ventures
Company Website: https://www.tictoc.com.au/
Software Category: Online Home Loans
About the Company: Tic:Toc is a tech company that creates solutions to make processes within the financial services space faster, smarter, and simpler. The company combines explainable artificial intelligence (XAI) with digital fulfillment and underwriting expertise, to improve and accelerate customer experiences, lending applications, and decisioning. Tic:Toc has a proven ability to create industry solutions, as demonstrated by the development and commercialization of the world’s first fully digital home loan platform, launched in July 2017.