BRIDGIT SECURES $250 MILLION FACILITY, SUPPORTING $1 BILLION IN ANNUAL TRANSACTION VOLUME
The additional funding will allow Bridgit to continue to grow its offering to more Australians, supporting up to $1bn in transactions annually, whilst also offering larger loan amounts and longer terms.
Fintech Bridgit has announced today that it has increased its securitisation facility to $250 million in total, in a funding program arranged by Citi, the senior financier.
The increase in funding allows Bridgit to support $1bn annually in residential property transactions, making bridging finance accessible to more Australians. It will also enable Bridgit to further invest in its tech capabilities, streamlining automation and integrating AI for credit decisioning and operational efficiencies. Bridgit’s fastest approval this year was three minutes and is actively working to bring this time down.
The upsized investment marks an important step forward in Bridgit’s mission to offer more Australians the ability to buy before they sell by unlocking their property equity. Bridgit has experienced significant growth in demand for its bridging finance solution, with Q1 FY25 (Jul-Sep) lending up 360% from the previous year.
Since launching in 2021, Bridgit has financed over $1bn in property transactions, doubled revenue YoY and partnered with over two thirds of Australian mortgage brokers, who now have a solution to offer their clients looking to buy now and sell later. In the past year, Bridgit has also grown its broker network by 93%.
This news marks yet another significant milestone for Bridgit which last month announced it had partnered with Connective Home Loans to develop a flagship white label offering. This collaboration will bring Bridgit’s market-leading bridging solution to Connective’s broker network, Australia’s second-largest aggregator.
Bridgit CEO and Co-Founder, Aaron Bassin comments on the news, “The upsized funding reflects the growing market confidence in Bridgit’s innovative solutions, further accelerating our mission to empower Australians with access to bridging finance. Our goal is to enable homeowners to unlock the potential of their property equity, providing the flexibility to buy their next property before selling their current one. We’re providing a product to Australian homeowners who need financial agility during significant life transitions.
We’re at a pivotal moment in fintech where non-bank lenders are stepping up to fill the gaps left by traditional institutions and the competitive landscape is intensifying across the financial services industry. With this additional lending capacity, Bridgit will not only expand our growth trajectory but also introduce greater credit policy flexibility, allowing us to diversify our offering and cater to a
broader range of property transactions, including higher-value homes. This means more Australians, whether upsizing or downsizing, will have the tools they need to achieve their property and life goals.
In today’s fast-moving real estate market, bridging finance is often the decisive factor between securing a dream home and missing out. Bridgit’s tech-driven approach allows us to approve loans within just 24 hours, providing a critical advantage in a competitive market.
As interest rates begin to ease and market competition increases, property will continue to be acornerstone of wealth for Australians. Bridgit is here to ensure that homeowners can leverage theirproperty assets to make the most of these opportunities.” concludes Bassin.
About Bridgit
Bridgit is a tech-driven, non-bank lender revolutionising property lending via bridging loans, with its simple online loan application, 24-hour approval and no monthly repayments. It empowers Australian homeowners to access their hard earned property equity and secure their next home before selling their existing property. In doing so, homeowners can act fast and not miss out on opportunities to purchase their next dream home.
Bridgit was co-founded in 2021 after capital markets specialist Aaron Bassin and mortgage broker Nick Jacobs saw the industry was lagging and customers were paying the price for traditional slow and manual finance processes for property loans. Since launch, Bridgit has raised $500 million in capital and financed more than $1 billion in residential property. Bridgit was also named as a winner of the 2023 Finder Innovation Awards and the 2024 FinTech Best Growth Story.
For more information, visit www.Bridgit.com.au
