IAG has through its corporate venture capital arm expanded its investment in online home loan lender Tic:Toc.

Tic:Toc says IAG Firemark Ventures now holds an 11% stake in the business after it raised $24 million from its latest capital funding round, led by the IAG arm and Bendigo and Adelaide Bank.

IAG Firemark Ventures made its first investment in Tic:Toc in 2018.

“We have continued to be inspired by how they are delivering a next generation digital experience for mortgages in Australia,” IAG Firemark Ventures General Partner Scott Gunther said.

“Australia is rich in fintech and insurtech start-up success stories, and Tic:Toc still has so much more to offer in this part of the financial services sector. There is a bright future ahead.”

Tic:Toc founder and CEO Anthony Baum says the IAG backing shows the business has developed a successful model to grow further.

“We are thrilled to have IAG Firemark Ventures continue its investment in our platform,” Mr Baum said.

“The continued support from our shareholders signals confidence in our strategy and demonstrates capital is available for sustainable organisations that are solving critical market problems.”

He says the funds raised will help Tic:Toc to expand its offerings in the future, including insurance products.

“Since the Tic:Toc platform is proprietary built, it is extremely flexible and can be adapted for varying use cases,” Mr Baum told insuranceNEWS.com.au today.

“In the future, Tic:Toc will be able to offer a quote for home and contents insurance by integrating the experience into the digital mortgage customer journey.”

Tic:Toc has raised $78 million to date from its financial backers.

The business offers a self-serve home loan application website with approved mortgages funded by Bendigo and Adelaide Bank.