“We are excited to announce this market-defining distribution agreement with a partner that shares our commitment to innovation and customer experience excellence for Australian consumers.” “We have seen significant growth in our residential lending activity via third-party channels, and Tic:Toc is an important strategic partner for us to grow our market share. We’ve been doing that since 2017, and this funding agreement ensures we can not only keep doing this but advance our lead as Australia’s pre-eminent home loan platform.”īendigo’s head of third-party banking, Darren Kasehagen said Tic:Toc’s innovative proprietary platform enables the bank to benefit from highly efficient home loan fulfilment and superior asset quality. “Ultimately, Tic:Toc wants to help more Australians access faster and more cost-effective home loan experiences. “This means we achieve a greater return on capital as we’re investing our shareholders’ funds into our technology, not using it to fund loans.

“This extension of our partnership gives Tic:Toc access of up to $25bn of additional funding over the next seven years and highlights the competitive advantage of our asset-light model, with Tic:Toc not bearing credit or interest rate risk, said Anthony Baum, Tic:Toc’s founder and chief executive.īaum said the partnership with Bendigo enables Tic:Toc to operate as a platform company, rather than a bank or finance company. This innovative model has enabled Tic:Toc to deliver its market-leading customer experience, operational efficiency, and credit performance.īendigo, which holds a 28 per cent interest in Tic:Toc, funds the Adelaide-based fintech’s branded home loans. Tic:Toc operates on its proprietary AI-driven lending platform, which digitises the lending fulfilment process into simple, machine-driven tasks. The lending agreement between the digital platform and Bendigo will allow Tic:Toc to boost its monthly volumes by more than 300 percent, Further, it signals Bendigo’s continued confidence in the strength of Tic:Toc’s operating model. “He’s got a good head on his shoulders, he really understands risk, he’s got quite an entrepreneurial spirit,” McPhee says.Online home lender Tic:Toc has struck a seven-year $25 billion home loan funding deal with Bendigo and Adelaide Bank as the fintech’s loan volumes continue to soar. A keen surfer, he has been married to Vicki for almost 30 years, and has two young adult daughters.Īfter training as an economist, Baum got a taste of the risks in banking as a graduate, when he joined the State Bank of South Australia the same year it collapsed.įormer ME Bank chief executive Jamie McPhee, a friend and former colleague who is also from Adelaide, has known Baum for at least 20 years. The fintech expects to be profitable this financial year, and Baum says it is eyeing a sharemarket float in the next two to three years.īorn and bred in Adelaide, Baum launched Tic:Toc after a career that included stints in investment banking in London, as an executive at Adelaide Bank, and at a fintech called ThinkSmart. The company is also notable for the financial institutions it counts as shareholders, including Bendigo and Adelaide Bank, Insurance Australia Group, Genworth Mortgage Insurance, alongside Baum and the management team.

“That very efficient factory could be used by multiple players to distribute home loans.” “Tic:Toc is a very efficient factory,” he says.

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