Mr Baum said Tic:Toc has been working on the ability to add insurance products into the platform that uses the data it collects while approving a customer for a home loan to offer a quote for home ...

So far, Tic:Toc has a market share of about 0.5 per cent of loans issued each month, roughly on par with the share of flows going to foreign banks such as Citi or HSBC.

Tic:Toc, which has settled more than $1.5 billion in loans since launching in 2017, has developed technology to automate compliance with responsible lending laws, allowing quick loan approvals.