AFG has bought a 75% stake in asset finance aggregator Fintelligence, with their brokers set to gain access to one of the best tech setups in the sector.
Fintelligence, who settle more than $1.7bn in asset loans annually, will maintain their distinct identity after the deal, but will see AFG come on board as majority owners. The aggregator has a 3 and a half year option on the final 25%, should they choose to buy outright.
The deal will see AFG pay $52.5m for the asset aggregator, with the deal set to be completed by the end of the year.
David Bailey, CEO of AFG, said that the deal presented a chance for their brokers to access a better platform and potentially diversify their businesses.
“From an AFG perspective, our business strategy has always been about investment in tech and building the distribution, and once you have the distribution, looking to manufacture off it by providing new products for a brokers and their customers,” he said.
“We’ve done that successfully with AFG Home Loans, and the acquisition and investment in Fintelligence allows us to have a bigger footprint and allows us to move up the curve to get sufficient scale to start looking at manufacturing a little earlier than we had previously envisaged.”
“The tech platform is very easy for a broker to use. It handles everything from CRM through to data analytics and lead generation. It’s a holistic tech platform that makes the brokers life easier.”
AFG buys Fintelligence, sets out proposition to asset brokers
“It’s always about making a broker more efficient, and for those that are in the asset finance space, they’re looking for that same level of efficiency.”
“If you look at the growth of Fintelligence over the last three years, it’s a reflection of the tech that they have been able to provide their brokers.”
“What we’re looking for is to provide opportunities for our brokers to serve their customers more holistically. Through the Fintelligence platform, we are enabling that.”
“If they choose not to go down the asset path, we’re also giving them a safe haven through Fintelligence where their customers can be looked after on an in-house referral basis.”
