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Credi – Powering “The Bank of Mum and Dad”

The Bank of Mum and Dad is not just about a loan for getting on the property ladder for first-time buyers. It is the tip of a large financial iceberg.

Over $1.7m of loans created within the first month of launch.

Research carried out for Credi by RMIT shows that the informal lending market extends into billions of dollars per year in the US, UK and Australia. The Australian public lend in excess of $1.65billion each year in unprotected, informal loans:

  • ⅓ of first-time buyers get help from friends and relatives
  • In the US 2.3 million, start-ups have been funded by friends and family
  • UK and US have similar scales of relationship lending
  • Credit from family and friends is the 2nd most common form of credit in the US

Loans between related parties are built on relationships. As long as a relationship remains good, the terms of the loan are met, but should the relationship sour, the loan sours also.

After a two tier build phase, Credi launched in April 2017 as a loan management platform to enable members of the public to build, negotiate, share and manage personal loans in one platform. delivers loan documentation, negotiated to a formalised loan agreement, repayment reminders and ongoing loan management – powering “The Bank of Mum and Dad”.

Tim Dean CEO says “We want to save relationships from the strain of financial dealings by turning informal agreements into credible, manageable and formal ones. We believe that by looking after reminders, calendering and contracting on behalf of the lender and borrower we are removing the most fraught aspects of relationship loans “, he added ” In the past people either did nothing to formalise their agreements, which is fraught with risk, or emailed and called to communicate their wishes leading to misunderstanding and confusion, or at best downloaded a loan template document that they passed between themselves – documentation that was not understood, properly completed or stored for future reference if needed. Credi does all of this and way more in one place, seamlessly. Two parties can set up, negotiate and agree on a contract in minutes.”

Since launch, Credi has documented over $2M in loans, and have $3M “pending”. Tim Dean commented, “It’s early days, but the loans we are seeing broadly mirror our research – from a $650K loan between family members to upscale a residence to loans for cars, holidays, laptops Apple watch and even to fund a start up!”

Credi is built for individuals but is releasing a partner version for finance professionals over the coming weeks, targeting accountants, book keepers, financial planners. Tim Dean commented ” We have a number of businesses lining up for our partner version. We will roll out a comprehensive loan management system, adding to the Credi platform, including secured loans, entity management and automated bank payment reconciliation, that they can promote to their customers and in due course administer for them.”


Media Kit here.

Tim K. Dean, Credi Founder | Commentator & Expert on Family Lending, Bank of Mum & Dad and Neo-Credit Scores is available for media interviews and appearances. More…

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Credi Pty Ltd is a Financial Technology business, not a marketplace lender. Our mission is to change the way we lend money. We want to empower people to help each other and take control of their financial relationships without creating friction and stress.

Credi is the World’s #1 loan management platform for private lenders.

  • Formalise your loan agreements online
  • eSignature functionality means no paperwork needed
  • Trusted by over 5,000 people worldwide
  • Takes minutes to setup
  • Track repayments online or through the Credi mobile track app
  • Option to secure your loan with borrower assets (PPSR registration, for Australian users only)

Better Loan Documentation
& Management

Sign up and become one of the thousands of people and business around the world using Credi to protect them selves with robust loan documentation and management today.

Better Loan Documentation
& Management

Sign up and become one of the thousands of people and business around the world using Credi to protect them selves with robust loan documentation and management today.