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One of Australia’s aggregation groups been purchased for an undisclosed sum.
Retail finance brokerage Finsure has just announced it has acquired mortgage aggregator LoanKit from ASX-listed Mortgage Choice.
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The move will position Finsure Group among the top 10 brokerages nationwide.
Finsure managing director John Kolenda said the acquisition of LoanKit provided Finsure with both the broker numbers and market strategy to now easily break into the top five brokerages within five years.
Mr Kolenda said the combined scale of Finsure and LoanKit boosted broker numbers to more than 500, with a loan book of almost $4 billion.
“Joining forces with LoanKit makes sense as the businesses share the same philosophy in terms of value and service and it puts us in great position for future growth and delivering greater value to brokers and customers,” he said.
Mr Kolenda said he would be meeting with LoanKit brokers in the coming weeks to welcome them to the Finsure Group.
“We were very impressed by the historical performance of the team at LoanKit and think the businesses are a great fit for one another,” he said. “It will be business as usual for both teams.
“Nothing really changes for LoanKit brokers except for broader business opportunity. They will enjoy the same benefits as Finsure brokers including brand, technology and commissions as well as our expansion plans into the broader financial services space.
“They will benefit from access to a much bigger team and the broader benefits and economies of the scale of the combined group.
“Finsure brings branding, lead generation, traditional marketing and digital marketing expertise.”
