Australian property fintech PEXA gears up for government-backed UK launch
Australian property fintech PEXA is set for a UK expansion with backing from the UK government as it looks to roll out a remortgage platform for lenders.
PEXA, one of Australia’s fintech unicorns with a market capitalisation of AUD$3.35bn, has been testing its platform with HM Land Registry and the Bank of England prior to the rollout and says it has made “significant progress”.
The firm has facilitated over 11m property transactions worth around AU$2 trillion in Australia, but has been road testing a new bespoke platform for the UK’s housing market.
Boss of PEXA UK James Bawa says that the UK’s 150 year-old conveyance system is in need of a digital overhaul.
“We know that by replacing outdated and manual processes with a simple online exchange platform, we can significantly help boost both market capacity and efficiency, and take a lot of stress out of consumers’ lives,” he said.
“Our intention is to provide greater certainty for consumers, and reduce costs and administration for conveyancers and lenders alike.
The move from the firm has received backing from UK government and follows the signing of a free trade agreement between the two countries.
Lord Gerry Grimstone, Minister for Investment at the Department for International Trade and the Department for Business, Energy & Industrial Strategy, said the move from was a vote of confidence in the UK’s fintech ecosystem.
“With the launch of their platform, British homeowners can expect to save time and money on the remortgage process” he said.
“We welcome their initial investment into the UK creating 50 jobs by the end of 2022 and look forward to supporting PEXA’s continued growth in the UK.”