Sydney artificial intelligence (AI) and data insights fintech MogoPlus has raised $1.5 million from existing UK investor New Model Venture Capital Group.
The funding will be used to expand the scale-up’s existing AI-based credit insights portfolio and help it expand into other emerging open data markets and verticals globally.
MogoPlus provides vertical agentic AI solutions in financial services, specialising in the lending and credit lifecycle.
Their AI allows banks and credit providers to automate large parts of their workflows and the MogoPlus agentic credit decisioning suite both lowers loan origination costs, and delivers quicker, more accurate lending decisions.
The fintech counts two Australian tier 1 banks, a large Middle Eastern bank, customer-owned mutuals, credit unions and several digital lending platforms and non-bank lenders. The team has more decade of experience in B2B-focused transactional data analysis.
MogoPlus CEO Mike Page said a further funding round to accelerate the growth of their agentic AI solutions is being prepared
“We are thrilled to continue our long-term relationship with New Model as we begin this new chapter of growth,” he said.
“Although the banking and financial services sector provides significant opportunity for us to continue to grow, we are now also seeing interest in our agentic solutions across other verticals such as telecommunications, insurance, wealth, and loyalty.
“Having New Models’ market reach, expertise, and support to achieve this creates an ideal partnership”
New Model CEO James King said they pleased to back MogoPlus and it scales its agentic AI solutions into new markets.
“Their deep expertise in financial data and strong customer traction with major banks positions them perfectly to capitalise on the explosive growth in enterprise AI adoption,” he said.
MogoPlus was founded in 2013 and last year partnered with open banking platform Adatree to deploy its loan serviceability solution with the Central Murray Credit Union.
Daily startup news and insights, delivered to your inbox.