Another person I talked to at the function this morning was Abby Foote, CEO of Fundit.
Fundit is a semi-SaaS start-up that allows users to run a private reverse auction for a home loan. Funders can come to the site and compete with each other to offer the user the best “bid” for the lending.
As with all these things the ultimate question is how will the banks regard these new models? Banks tend to be somewhat archaic in their approach and they might see Fundit as a threat. Clearly the value of services such as Fundit lies in widespread supplier buy-in. Time will tell if Fundit manages to build sufficient scale to create a compelling case for the banks to buy-in.
Good luck Fundit and keep pushing those distinctly 1.0 banks!
