Digital-only lender and lendtech platform developer Tic:Toc has announced it will rebrand to ‘Tiimely’, declaring the name change better reflects “how [its] AI-driven technology solutions can be integrated into any financial assessment processes”.
Since its launch in 2017, noted by the company to be the “world’s first instant home loan”, the lendtech has evolved from primarily a digital lender to a platform developer for other customer-facing digital lenders, with solutions covering home loans, auto finance and hardship.
While not explicitly mentioning the company, Tiimely founder and chief executive Anthony Baum acknowledged the name change also helps to distinguish the brand from the more widely known social media platform TikTok.
“Of course, Tiimely also responds to confusing associations from sharing the name Tic:Toc with a certain social media app.
“While our trademark proves we came first, the rebrand provides the room to focus on our platform business model without mis-categorisation or distraction.”
However, the focus of the rebrand remains on redirecting attention towards the lendtech’s expanding enterprise offering.
Enterprise business accounted for more than 40 per cent of Tic:Toc’s, now Tiimely’s, revenue in FY23, which now enables, it said, around three per cent of Australia’s total home loan market.
Tiimely’s underlying platform, Xapii, provides API-based solutions backed by Explainable AI (XAI), designed to enable human users to understand and interpret outputs created by machine learning algorithms.
“AI-driven data enrichment and decisioning can be interacted with via Xapii’s user interface to enable acceptance or edits to the platform’s recommendations, which it then continuously learns from,” the company said in a statement.
Tiimely boasts that the system can deliver an 80 per cent increase in assessment efficiency compared to traditional processes.
Over the last year, Xapii has produced more than five million automated assessments.
The platform can be accessed as either an API-first software solution, able to “solve for discrete problems across a financial journey”, or as an end-to-end platform (PaaS) including professional services, the lendtech said.
Tiimely now has four key enterprise solutions in market – Convert, Decide, Fulfil and Inform – which can be utilised across multiple use cases for mortgages, auto finance and hardship.
Commenting on the rebrand, the company said “Tiimely… elevates the company’s enterprise business as [its] core proposition and demonstrates to the finance and technology industries ‘it’s about tiime’ for more efficient, responsible and seamless lending processes.”