Taking $6bn in business from the big four banks is no mean feat. But that’s exactly what Marie Mortimer, managing director of online loan portal loans.com.au, has achieved since starting the business in 2011.
The fintech has now set its sights on the investor lending market, launching a loan with a rate of just 1.99 per cent. While the incumbent banks may view the business as small fry now, Mortimer and her team have big ambitions. But she acknowledges it will be a tough fight.
“The finance industry is dominated by the big four banks. These institutions are backed by big budgets and will buy and copy the competition out of the market,” she says.