Anteup builds mortgage marketplace to let banks bid

Anteup is developing an online home loan marketplace that lets banks bid for borrowers' business. The Auckland fintech is targeting home buyers and people refinancing or refinancing mortgages.

Founders Adam Joyce and Matt Williams came up with the idea after discussing their own frustrations with the mortgage process. They said it grew out of the difficulty of comparing offers across several banks and concerns about incentives in parts of the broker model.

Under the model, a borrower completes one application and selects the banks they want to approach. Those lenders can then send offers through the platform without seeing rival bids.

Joyce said the approach is designed to shift control from intermediaries to customers. "The borrower becomes the one in control," he said.

He argued that many borrowers do not need extensive support throughout the mortgage process. Instead, they should have a simpler digital option that lets them submit information once and compare offers from several lenders.

Market test

Anteup has spent several years developing the marketplace ahead of a planned mid-year launch. Early testing included mock lending rounds and more than 100 customer interviews focused on pain points in securing or refixing home loans.

Lenders have shown interest as banks look for new ways to reach borrowers while physical branch networks shrink. That places the startup in a part of financial services where digital distribution is becoming more important, particularly as consumers grow more used to comparing products online.

For New Zealand borrowers, mortgage pricing is one of the biggest household financial decisions. In a market where even small differences in rates can materially affect repayments over time, platforms that broaden visibility of offers may appeal to customers seeking more direct comparisons before committing to a lender.

Both founders said building the business also exposed mistakes in their approach to product development. Joyce said the team moved too quickly into building the platform before gathering enough market evidence.

"We built too early," Joyce said.

He said the lesson is relevant to other fintech founders weighing how much to invest before testing demand. Williams added that founders should work with mentors and focus closely on a specific customer problem rather than assuming the market will automatically respond to a new digital product.

Founder lessons

The pair said support from the Ministry of Awesome accelerator programme helped them reassess the business and improve their approach to customer discovery. They said the programme provided accountability and pushed them to ask more detailed questions as they refined the product.

Williams comes from an engineering background, while Joyce has worked across a range of sectors. They said that experience helped them build businesses in established markets, but changing a long-standing lending model has proved more challenging.

The startup is now focused on bringing banks onto the platform and securing enough lender participation to make the model work. Joyce said three banks would be an important threshold for the marketplace.

"We think three banks is the sweet spot for the marketplace to function well," Joyce said. "After that, it'll build naturally."

Anteup's proposition comes as technology firms in lending try to reshape how borrowers interact with banks without taking on the balance-sheet risk of lending themselves. Instead, they aim to sit between customers and lenders, handling application flow, comparison and communication.

Whether borrowers will embrace a bidding format at scale may depend on how many lenders join, how clearly offers can be compared and whether customers feel confident making decisions without traditional broker support. The founders, however, said their goal goes beyond creating a digital application route.

"We want Anteup to become synonymous with a better way to borrow," Williams said. "For people to look back and say, 'What was life like before this?'"

Joyce described success as banks embracing new technology and borrowers gaining real choice. "If we can help open that door, even a little, that's success," he said.