Our Leg Up Company Profile

Background

Our Leg Up is an Australian fintech company founded in 2021, dedicated to addressing significant challenges in the property market. The company's mission is to facilitate homeownership for individuals with low deposits and to enable existing homeowners to generate passive income from their real estate equity. By unlocking dormant real estate equity, Our Leg Up aims to reduce wealth inequality and promote financial well-being among Australians.

Key Strategic Focus

Our Leg Up's strategic focus centers on:

Facilitating Homeownership: Assisting aspiring homeowners with deposits under 20% to purchase properties sooner by reducing the financial barriers associated with low deposits.

Monetizing Home Equity: Enabling existing homeowners to earn a passive income from their property equity without the need for refinancing, purchasing additional properties, or outlaying cash.

Collaborating with Financial Institutions: Partnering with banks to offer competitive home loans with reduced risk and improved margins, thereby benefiting both consumers and financial institutions.

Financials and Funding

Since its inception, Our Leg Up has secured funding through various channels:

Seed Rounds: The company raised $141,000 in its initial seed round on November 16, 2021, followed by additional seed funding on December 1, 2021.

Accelerator Participation: On August 16, 2023, Our Leg Up participated in an accelerator/incubator program, further bolstering its financial position.

Notable investors include:

Antler: A venture capital firm that has provided support and funding to Our Leg Up.

The Generator: An accelerator/incubator that has invested in the company's growth and development.

The capital raised is intended to enhance the company's technological platform, expand its market reach, and strengthen partnerships with financial institutions.

Technological Platform and Innovation

Our Leg Up has developed a proprietary prop-tech platform that:

Aggregates Homeowners and Aspiring Buyers: Matches established homeowners with equity in their properties to a pool of aspiring homeowners who have qualified for prime mortgages but possess low deposits.

Unlocks Real Estate Equity: Utilizes innovative financial products to enable homeowners to earn returns on their real estate equity without any cash outlay.

Reduces Financial Barriers: Offers an alternative to traditional Lenders Mortgage Insurance (LMI), allowing homebuyers to save on additional fees and benefit from lower interest rates.

Leadership Team

Michael Ragavan: Founder and Chief Executive Officer. With a background as a mortgage broker and investment banker, Ragavan leads the company's strategic vision and operations.

David Hellier: Chief Technology Officer. Hellier oversees the technological development and implementation of the company's platform.

Ron Vidal: Chief Revenue Officer. Vidal is responsible for driving revenue growth and establishing key partnerships.

Competitor Profile

Market Insights and Dynamics

The Australian real estate market presents significant opportunities for innovation, particularly in addressing the challenges faced by first-time homebuyers and homeowners seeking to leverage their property equity. The market is characterized by:

High Property Prices: Rising property prices have made it increasingly difficult for individuals to save for substantial deposits.

Wealth Inequality: Real estate ownership is a primary driver of wealth inequality in Australia, with those owning property accumulating more wealth over time.

Competitor Analysis

Key competitors in the market include:

OwnHome: A venture capital-backed company based in Potts Point, Australia, focusing on providing alternative pathways to homeownership.

Sucasa: A Sydney-based startup offering innovative solutions for homebuyers and property investors.

Household Capital: A Melbourne-based firm specializing in helping retirees access home equity to improve their retirement funding.

QBE Insurance Group: A corporation offering Lenders Mortgage Insurance and other financial products related to real estate.

Strategic Collaborations and Partnerships

Our Leg Up has established significant collaborations to strengthen its market position:

Partner Banks: Collaborates with financial institutions to offer competitive home loans with reduced risk and improved margins.

Investors: Supported by venture capital firms such as Antler and accelerator programs like The Generator, which provide funding and strategic guidance.

Operational Insights

Strategically, Our Leg Up differentiates itself by:

Innovative Financial Products: Offering unique solutions that unlock real estate equity without requiring cash outlay from homeowners.

Social Impact: Addressing wealth inequality by facilitating homeownership for individuals with low deposits and enabling existing homeowners to generate passive income.

Collaborative Approach: Working closely with financial institutions to create mutually beneficial products that reduce risk and improve profitability.