In an email to customers on Monday, AMP informed Nano customers will come under the wing of one of Australia's largest banks.
By the end of February customers will have more details on their transfer to an AMP Bank 'Blue' loan, with the transition taking place on 27 March.
Products will feature the same interest rates the customer is currently on, however will then be subject to AMP rate movements if on a variable rate.
This follows AMP announcing the use of Nano's technology platform in May 2022 to offer a faster mortgage approval process.
Details such as the cost of this aquisition are presently unclear.
The fintech lender, which once boasted the '10 minute mortgage', experienced a turbulent back half of 2022.
In mid-2022 at an industry presentation, Nano CEO Andrew Walker (pictured) announced it had amassed $550 million in loans under management.
In October it ceased accepting new home loan applications, citing soaring wholesale funding costs.
As Nano is a non-bank, it cannot rely on customer deposits to fuel its operations.
Nano was scheduled to launch its first residential mortgage-backed security (RMBS) in 2023.
As at the end of November, AMP had nearly $22 billion in owner occupied and investment home loans on its books.
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