AFG takes a stake in BrokerEngine

  • By Zilla Efrat

Australian Finance Group (AFG) has bought a 70 per cent stake in BrokerEngine, a highly successful mortgage broker workflow platform used by brokers across the industry, including many AFG brokers.

As part of the deal, AFG has an option to increase its stake to 100 per cent over the next two years, subject to performance hurdles.

“We are committed to taking a leading role in supporting brokers with the most sophisticated technology platforms to help them be more efficient, grow their businesses and offer their customers outstanding experiences,” says AFG CEO David Bailey.

“With 67 per cent of Australian mortgages now being originated by mortgage brokers, BrokerEngine provides solutions which save brokers time and helps them manage their business. At the same time, the technology provides an efficient and compelling customer experience.”

BrokerEngine will continue to operate as a separate business in-market with AFG’s balance sheet strength supporting its growth.

“Our distributioTn network will offer an expanded market opportunity for BrokerEngine, while AFG brokers will benefit with an even deeper integration with AFG’s new technology platform,” says Bailey.

Brokers outside the AFG network will continue to receive full support and maintain relationships directly with the BrokerEngine team.

“It will be business as usual for the BrokerEngine team,” says Bailey, noting co-founders Craig Vaughan and Will Swayne will continue in their current roles at BrokerEngine to drive innovation for all brokers using the technology

The investment is expected to complement AFG’s technology, accelerate development and achieve scale.

“When we became aware of the opportunity to invest, we quickly realised it was one we wanted to pursue,” says Bailey. “AFG brokers currently using the platform value the technology.”