The acquisition was partly facilitated by WLTH’s $14 million raise with cornerstone support from purpose-driven investment firm Rajomon and Kina Bank (ASX:KSL), Papua New Guinea’s leading digital bank and second-largest commercial bank.

Both Rajomon and Kina intend to utilise WLTH’s core capability engine and payments platform, while the PNG company’s extensive customer base primes the group for commercial opportunities in the Asia-Pacific region.

WLTH will also receive a boost to its working capital provisions from the round, giving additional firepower to a rapidly-scaling business model that is not just about making digital loans and business payments easier for consumers, but also seeks to remove a portion of the plastic waste that is polluting our oceans.

For every mortgage settled, WLTH has committed to clean up 50 square metres of Australian coastline. Alongside its partnerships with Parley for the Oceans and the Australia SailGP team, the lender has committed to cleaning in excess of 450,000 square metres to date.

WLTH, founded by Top 100 Young Entrepreneur listers Brodie and Drew Haupt in 2019, notes both businesses share a common vision to empower brokers with a range of lending solutions and create growth opportunities outside of the ‘vanilla’ home loan lending market.

Brodie Haupt, WLTH’s CEO, says Mortgage Mart’s industry experience and deep relationships within the broker community will complement WLTH’s digital approach and leverage further impact. The mortgage manager has a loan portfolio exceeding $1 billion.

Read the full article on Business News Australia.