Finsure Group has grown its loan book to $100 billion as the mortgage broker aggregator seeks to expand its business nationally and abroad.
In what it claims to be the fastest aggregator to reach the milestone, the news comes as Finsure announced another “all-time record” settlement month in August of $4.16 billion.
Founded by John Kolenda in 2011, Finsure’s growth has advanced rapidly in recent years, with its broker network approaching 3,000 brokers and settlement records also shattered.
Finsure CEO Simon Bednar said the aggregator’s loan book had almost doubled in size over the last two years, a period which included the challenges of dealing with the COVID-19 pandemic.
“Given Finsure has only existed for just over a decade, this is an astonishing result,” said Bednar (pictured above). “Other aggregation businesses have taken decades to achieve a loan book of this size. Considering our relatively brief history, reaching $100 billion in 12 years is simply amazing.”
“This accomplishment is a credit to all of Finsure’s management team and staff and the service they provide as well as the loyalty of our highly valued brokers, who are currently joining our network at a rate of 550 per year.”
Unlike some others in the market, Finsure positions itself as a full-service provider, with its offering covering business planning and support mechanisms including flexible commission structures, marketing, and educational workshops and events.
It also includes its customer relations management (CRM) platform Infynity, which had automation capabilities since its launch in 2019.
Sold by BNK for $151.6 million in cash, Finsure’s partnership with current parent company MA Financial Group over the past two years has been successful so far.
The ASX-listed financial services group posted generally positive results in August despite a challenging macro environment, with Finsure being the main driving of this growth.
Bednar said MA Financial Group had helped accelerate Finsure’s growth and provided “tremendous opportunities for brokers”.
“In the last two years we’ve broken our all-time best settlement month eight times,” he said.
“More than a million loan applications have been created through our systems, while over 400,000 customers have been serviced with a loan through Finsure brokers, and more than $1.5 billion paid to brokers and referrers during the Group’s history.”
Finsure in July this year established Finsure NZ in its first overseas venture.
Based in Auckland and headed by Country Manager, Jenny Campbell, Finsure NZ said it “aims to up the ante” in providing support services for New Zealand financial advisers.
Bednar said Finsure is also examining further moves into other international markets, which will provide its brokers with opportunities to explore and expand into additional markets.
“We are looking to expand overseas too and become the first truly global premium aggregator offering multi award-winning marketing, technology and business support services,” he said.
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