Credi Raises $465k from Successful First Round; Over $50m of Loans in 6 Months

KEY TAKEAWAYS:

• The use of Credi.com is increasing dramatically with nearly $50 million in loans shared on the platform between nearly 2,000 users.
• Lara Dowdall joined the company as COO and Andrew Chick joined Bernie Ripoll on the advisory board.
• Successful first round of capital raising with $465k committed.

Please see below for Credi’s highlights of 2017, from Tim Dean, CEO and Lara Dowdall, COO.

Dear friends, partners and investors,

The end of the year is fast approaching, so I thought I would take some time out to reflect and thank those who have shared in Credi’s success in 2017.

Here are some of my favourite milestones from 2017.

Use of Credi.com

We are rapidly approaching 2,000 users with nearly $50m shared on the platform. The majority of our traction has come from PR coverage in Australia and NZ. Upcoming features in Money Magazine, a filmed slot for ACA, and Qantas business radio, will no doubt propel us into 2018.

In December we go global with expansion in 67 countries, hitting the ground running in February with the launch of our first ever advertising campaign with Xero in the UK.

Team

Lara Dowdall joined us from Bendigo Bank as COO, adding to the vision and strategy to take Credi from strength to strength. We will be adding to our partner relationship management and technology group in the new year. The team is dedicated to making Credi robust, secure, scalable and ready for our global market. Our CTO Patrick Green has managed the transition establishing a 100% in-house development team – delivering material and sustainable improvements to functionality, regionalisation, platform deployment, scalability and our data architecture.

Andrew Chick has joined Bernie Ripoll on our advisory board. He chairs the British Australian Fintech forum, and as ex CEO of Royal Bank of Scotland – Australia is adding to our brains trust, and in no small measure to our access across the financial communities here and overseas.

Introducing Credi partner

Lara has been on the road engaging partners from the accounting, financial planning and wealth management communities. Over 65% of our users are lenders, and so Credi and these groups share many of the same clients. Not surprisingly, we have increasing interest from partners wanting to deliver credi.com/partner to their client bases – with our platform supporting customer retention, adding revenue and access to the myriad of these mutual relationships.

Successful first round capital raising

We set out in September to raise $500k. As I write, we’re at $465k committed. With a number of conversations to finalise, I expect this round to complete before the year is out.

Finally

Over the next few weeks, we are up for a number of Fintech awards. Win or not, this is well-deserved recognition that our efforts have not gone unnoticed.

I’m looking forward to the challenges next year will bring, delivering a global footprint alongside a strong and recurring revenue stream.

Have a safe and joyous Christmas.

About Credi Pty Ltd

If you’ve ever loaned your children money you are officially a branch manager of “The Bank of Mum and Dad”. You are also a part of one of the fast-growing sectors of the Australian economy. Credi.com was born out of the pressing need to document loans between family members, friends and businesses. It removes the stress, the embarrassment and the risk of legal action, formalising a loan within minutes and without a scrap of costly, time-consuming paperwork.

Request Offer