Athena Revenue, Valuation, Funding & Investors

Athena is valued at $221M as of September 2024, a 3.4x revenue multiple. Athena revenue was $65M, as disclosed with its latest round.

Last Athena valuation

$221M

Strategic investment · Sep 2024

Last Athena funding round

$43M

Strategic investment · Sep 2024

Athena revenue

$65M

Strategic investment · Sep 2024

Key investors in Athena

Athena Overview

About Athena

Athena Home Loans is an Australian digital mortgage lender headquartered in Sydney. Its online platform lets borrowers apply for, refinance and manage residential home loans without relying on a traditional branch network. The company serves owner-occupiers and property investors and earns lending income and fees from mortgages funded through institutional capital. Athena was founded in 2017 by former banking executives Nathan Walsh and Michael Starkey. Its technology automates parts of underwriting, servicing and customer communication while human teams support more complex applications. Reinventure backed Athena as part of its financial-technology portfolio, and the company later raised substantial institutional capital to expand its mortgage book.


Founded

2017

HQ

AustraliaSydney

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Revenue

$65M (Sep 2024)

Valuation

$221M (Sep 2024)

Athena Valuation

Athena is currently valued at $221M, based on its strategic investment round in September 2024.

The $43M round was led by REA Group.

Athena's valuation has grown 1.4x from $159M at its Series C in October 2019 to $221M in September 2024, across 2 priced rounds.

Athena valuation by funding round

Revenue multiple
Athena valuation by funding round
DateStageValuationRevenue Multiple
Sep 2024Strategic investment$221M3.4x
Oct 2019Series C$159M-

Athena Revenue

Athena's latest recorded revenue is $65M, as of its strategic investment round in September 2024. At a $221M valuation, that implies a 3.4x revenue multiple.

Athena revenue by funding round

Athena revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Sep 2024$65M$221M3.4xStrategic investment

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Athena Funding History

Athena has raised a total of $204M across 7 funding rounds.

Athena's first fundraising round was a $3M seed round in June 2017. The most recent completed round was a $43M strategic investment round in September 2024.

Athena funding rounds

Athena funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2024Strategic investmentREA Group (lead)$43M$221MAthena Home Loans is a leading digital non-bank lender in Australia, specializing in innovative home loan products focused on transparency, fairness, and alternative lending solutions. The company has grown rapidly as one of Australia's fastest-growing fintechs, partnering with REA Group's Mortgage Choice brand since 2022 to distribute its products. In June 2023, they launched the Mortgage Choice Freedom suite of white-label products, which achieved $1.2 billion in settlements in FY24, surpassing expectations. Athena's investor base includes venture firms like Square Peg, Airtree, and Apex, super funds such as Hostplus, AustralianSuper, and Australian Retirement Trust, as well as Macquarie and Salesforce Ventures. On September 26, 2024, REA Group announced it agreed to acquire a 19.9% stake in Athena for up to $62 million, funded from existing cash reserves, implying a post-money valuation of approximately $311.56 million. REA will gain two board seats, strengthening their strategic partnership to enhance homebuying experiences through integrated property search and financing. The deal is subject to regulatory approval and expected to complete in one to two months. Concurrently, Athena priced its second Residential Mortgage-Backed Securities issuance under the Olympus program, raising $1 billion in debt funding to fuel growth via broker partnerships. This investment aligns with REA's push into mortgage technology and Athena's expansion trajectory, building on proven collaboration successes amid a competitive Australian lending market.
May 2021Series DSquare Peg Capital (lead); Salesforce Ventures; Hostplus; Apex Capital Partners; AustralianSuper; Australian Retirement Trust; Macquarie Group; SecondQuarter Ventures; Airtree Ventures$70M--
Jan 2020Series CReinventure--Reinventure's live portfolio page records an investment in Athena during 2020 and identifies the position with the home lender's Series C. Athena built a digital mortgage platform intended to reduce the fees, legacy-system costs and pricing complexity associated with traditional Australian home loans. The lender used new wholesale funding structures and a direct online customer experience to compete in mortgage refinancing and new property purchases. Reinventure's page names Square Peg, AirTree, NAB and Salesforce among the co-investors and says the firm viewed Athena as a technology-led alternative to incumbent lenders. Westpac's later investor materials also include Athena in the Reinventure portfolio, corroborating that the company formed part of the bank-backed venture program. Athena publicly announced a A$70 million Series C in October 2019, led by Square Peg and AirTree with institutional and strategic participants, but that announcement did not name Reinventure. Because Reinventure's primary portfolio record states a 2020 investment year, this finding does not assign the October 2019 close date or A$70 million amount to Reinventure's entry. No valuation, Reinventure check size, stake or exact completion day could be confirmed. The investment is absent from the supplied 57-deal Reinventure baseline and Athena otherwise has an established database record. A later A$90 million Series D in 2021 is not reported here because the accessible sources do not establish Reinventure's participation in that round.
Oct 2019Series CAustralianSuper (lead); Salesforce Ventures; National Australia Bank; Square Peg Capital; Hostplus; Airtree Ventures$48M$159MAthena Home Loans, an Australia-based online mortgage provider founded in 2017, raised A$70 million (approximately USD $48 million) in its Series C funding round in October 2019 at a post-money valuation of A$158 million. The round was led by pension fund AustralianSuper and included fellow superannuation fund manager Hostplus, venture capital firms AirTree Ventures and Square Peg Capital, and corporate investors Salesforce Ventures and NAB Ventures, who participated through subsidiaries of Salesforce and National Australia Bank respectively. The company originally launched as Athena Financial, focusing on refinancing mortgages for homeowners seeking better rates, and had since begun diversifying its product offerings. The Series C capital was earmarked to fund further expansion plans, including the ability to finance clients purchasing non-residential properties and broadening its range of home loan products. Athena's funding history showed steady growth: it had previously raised A$11.3 million in a May 2018 Series A round co-led by Square Peg Capital and Macquarie Capital, followed by an A$18 million Series B round in November 2018 led by Square Peg Capital.
Nov 2018Series BSquare Peg Capital (lead); National Australia Bank; Hostplus; Saniel Ventures; Airtree Ventures$25M--
May 2018Series ASquare Peg Capital (lead); Apex Capital Partners; Macquarie Group; Rice Warner$15M-Athena Home Loans is an Australian fintech startup founded in 2017 by ex-bankers Nathan Walsh and Michael Starkey. The company developed a cloud-native digital mortgage platform to disrupt Australia's $1.7 trillion home loan market dominated by the Big Four banks. Athena partners with superannuation funds to back home loans, offering faster approvals, lower interest rates, and transparent funding structures to help customers pay off mortgages quicker. In its Series A round around August 2018, Athena raised $15 million from Macquarie Bank, Square Peg Capital, and Apex Capital, with follow-on investment from seed backers Rice Warner. Square Peg Capital co-founder Paul Bassat joined the Athena board as part of the investment. The funding supported the beta pilot launch of its platform shortly after and commercial rollout plans for 2019. Athena previously raised $3 million in seed funding in 2017 from Macquarie, Apex, and Rice Warner. This Series A built on that support, validating the business model and enhancing credibility with consumers as a challenger brand.
Jun 2017SeedRice Warner$3M-Athena Home Loans raised $3 million in seed funding in June 2017 from Macquarie, Apex Capital, and Rice Warner. The Australian fintech startup, founded by ex-bankers Nathan Walsh and Michael Starkey, launched to disrupt the home loan market with a cloud-native digital mortgage platform. Athena aimed to challenge the Big Four banks' dominance in Australia's $1.7 trillion home loan market through simpler, transparent funding structures partnering with super funds. The seed round preceded a Series A of $15 million in May 2018 from Macquarie Bank, Apex Capital, Rice Warner, and Square Peg Capital. Athena's platform enabled quicker financing and faster payoff for customers. Subsequent rounds included a $25 million Series B in 2018, building toward a full launch in early 2019.

Who has invested in Athena?

14 investors have backed Athena across its funding rounds, including Square Peg Capital, Airtree Ventures, Hostplus, Salesforce Ventures, National Australia Bank and AustralianSuper.

Lead investors include REA Group, Square Peg Capital and AustralianSuper.


Athena Investors

Investors in Athena by funding rounds participated
InvestorHQRoundsRoleFirst check
Square Peg CapitalAustraliaSydney4LeadMay 2018
HostplusAustraliaMelbourne3ParticipantNov 2018
Airtree VenturesAustraliaSydney3ParticipantNov 2018
Salesforce VenturesUnited StatesSan Francisco, CA2ParticipantOct 2019
National Australia BankAustraliaMelbourne2ParticipantNov 2018
Apex Capital PartnersAustraliaSydney2ParticipantMay 2018
AustralianSuperAustraliaMelbourne2LeadOct 2019
Macquarie GroupAustraliaSydney2ParticipantMay 2018
Rice WarnerAustraliaSydney2ParticipantJun 2017
ReinventureAustraliaSydney1ParticipantJan 2020
Australian Retirement TrustAustraliaBrisbane1ParticipantMay 2021
Saniel VenturesAustraliaSouth Melbourne1ParticipantNov 2018

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Athena Competitors

Athena competitors include listed companies like Orion Digital and Lea Bank, and private ones like Lanistar, Cashtopia LLC, Plum Fintech and Greenwood Bank.

Public and private companies comparable to Athena
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
LanistarUnited KingdomLondonPrivate--$200M-
Cashtopia LLCUgandaKampalaPrivate--$248M-
Plum FintechUnited KingdomUnited KingdomPrivate--$180M-
Greenwood BankUnited StatesAtlanta, GAPrivate--$325M-
Orion DigitalCanadaCanadaPublicly listed$49M$4M$21M0.4x
Lea BankSwedenSwedenPublicly listed$68M-$128M1.6x

Athena Public Comps

Athena is still privately-owned, but its public comps include Fusion Finance, Eleving Group, Kina Securities, Medallion Financial, First Internet Bank, Repco Home Finance, Eqdom, Instabank, Amar Bank and Muthoot Microfin.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Fusion Finance$159M($7M)3.8x4.4x(79.8x)-
Eleving Group$280M$59M2.7x2.0x12.9x4.9x
Kina Securities$138M-1.6x1.9x--
Medallion Financial$243M-1.7x1.8x--
First Internet Bank$110M-2.1x1.4x--
Repco Home Finance$187M$66M7.7x16.1x22.1x-
Eqdom$200M-4.2x---
Instabank$66M-3.8x2.9x--

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Common questions about Athena

When was Athena founded?Athena was founded in 2017.
Where is Athena headquartered?Athena is headquartered in Sydney, Australia.
Is Athena publicly listed?No, Athena is a private, VC-backed company.
What is Athena's valuation?Athena was last valued at $221M in its strategic investment round in September 2024.
How much funding has Athena raised?Athena has raised $204M across 7 funding rounds.
What was Athena's last funding round?Athena's last funding round was a $43M strategic investment round in September 2024, led by REA Group.
Who are Athena's investors?Athena's investors include Square Peg Capital, Hostplus, Airtree Ventures, Salesforce Ventures, National Australia Bank, Apex Capital Partners, AustralianSuper, Macquarie Group, Rice Warner, Reinventure and 4 others.
What is Athena's revenue?Athena's latest recorded revenue is $65M (September 2024).
What is Athena's revenue multiple?Athena's latest valuation implies a 3.4x revenue multiple ($221M valuation on $65M of revenue).
Which companies are comparable to Athena?Companies comparable to Athena include Lanistar, Cashtopia LLC, Plum Fintech, Greenwood Bank, Orion Digital and Lea Bank.

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