e4, South Africa’s Software-as-a-Service (SaaS) company, is expanding into Australia with the aim to disrupt the lending process.
The company specialising in the provision of software solutions as a service.
In April 2016, Convergence Partners and Stockdale Street became investors in e4 to enable the SaaS company to accelerate growth through new product and services development, and further, expand its geographic footprint.
Convergence Partners is an investment management firm focused on the technology, media, and telecommunications (TMT) sector in Africa.
It has a proven track record of developing new investment opportunities as well as adding value to investments across the entire life cycle of ICT assets. For more read: Business mogul Andile Ngcaba says Convergence wants to invest more in ICT platforms
Stockdale Street manages the Oppenheimer family’s South African private equity interests.
e4 and its subsidiaries employ over 400 staff at offices in Johannesburg, Durban, Pretoria, Cape Town, and Namibia with satellite offices in PE, Bloemfontein, East London, and Mpumalanga.
Ryan Barlow, chief technology officer at e4, says that while the company has made significant inroads locally with its business automation and digital solutions, the Australian banking sector has identified the increasing need for the automation of core banking processes and other digital solutions.
“Data gathering, signing of documents as well as the identification and verification of customers has long been an arduous process, traditionally requiring physical face to face interactions and reams of paper. e4’s digital verification and identification solution, which is used during the client onboarding process, disrupts and radically changes the face of lending and the relevant loan application process,” says Barlow.
Heading the Australian business based in both Sydney and Adelaide is e4’s managing director, Stuart Hosford. He is supported by e4’s operational bases located in South Africa and Mauritius.
e4 is focused on the digital transformation trend that is taking place in the lending space, providing much needed innovative applications that underpin traditionally as well as disruptive service offerings.
“Aimed at the financial service sector, we anticipate increased interest from traditional and non-traditional mortgage lenders. We will also engage mortgage brokers, who originate 50% of all new mortgage applications into lenders, mortgage aggregators and mortgage settlement partners in Australia. This model is closely aligned with the e4’s business model in South Africa,” says Barlow.