A soon-to-be-launched blockchain mortgage lender has successfully closed its crowdfunding industry equity offer after having received $671,000 in share applications, largely from the broking industry.
Australian Mortgage Marketplace (AMM), which is set to launch next year, initiated a crowdsourced funding equity offer to investors (including mortgage brokers), in October.
Co-founded by industry stalwarts Graham Andersen (CEO) and Kym Dalton (COO), the lender has pledged to “overhaul” the Australian mortgage market with the “biggest change since the GFC” by funding prime loans on “Australia’s first mortgage securitisation blockchain”.
The lender has come a step closer to launch after announcing that it has successfully closed its crowdfunding industry equity offer through enable funding.
An offer of ordinary shares was made primarily to the broking and finance community of Australia and received $671,000 in share applications from 89 investors, according to AMM.
Investment amounts ranged from $2,500 to $30,000 with an average investment amount of $7,539.
The offer was not underwritten, and no investment was pre-arranged.
According to the lender, the majority of interest was generated following AMM investor events and webinars, which took place across November and early December.
AMM revealed that 85 per cent of share applications were received in the three weeks following the events, while 55 per cent of share applications were received in the final seven days of the offer, and 22 per cent on the very last day.
To find out more about Australian Mortgage’s crowdfunded equity raise, please continue reading at Mortgage Business.