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One aggregator is actively seeking further growth opportunities amid speculation of mergers and acquisitions in the Australian financial services sector.
Finsure managing director John Kolenda said the group has no interest in merging with other companies, but is keenly pursuing acquisitions of its own.
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“Finsure is always on the lookout for growth opportunities and in recent years we have acquired mortgage aggregator LoanKit as well as homeloan.com.au and comparehomeloans.com.au – two of the best domains in the financial services industry,” Mr Kolenda said.
“These acquisitions have been part of our broader, multi-brand lead generation strategy across our different customer segments, which include Australia’s first mortgage broker-owned home loan brand, 1300HomeLoan.”
Finsure also acquired a “major stake” in financial planning company Spectrum Wealth Advisers in July last year.
At the time of the acquisition, Mr Kolenda said Finsure partnered with Spectrum because it was the right size, had a similar culture and was one of the few independents left in the market.
“They now have some of the highest-producing risk writers in the industry,” he told The Adviser. “They really have got a class operation with very strong management capability and training.
Finsure ranked 18th in BRW’s 2014 list of the 100 fastest growing companies in Australia, in which it was also listed as the third-fastest growing business in the financial services sector.”
Mr Kolenda said the aggregator’s revenue grew by 140 per cent in 2013/2014 and it now boasts more than 700 brokers.
“This growth has drawn a lot of attention and put us in the spotlight.”
Finsure’s announcement of its growth plans come after Yellow Brick Road and Homeloans responded to media reports of a merger that could see the formation of a major mortgage group worth more than $200 million.
YBR said no agreements had been entered into that would require disclosure to the market.
“The company is often in discussions with many parties on a range of matters. Any current discussions are incomplete and strictly confidential,” the group said in a statement.
“If and when a matter warranting disclosure occurs, the company will notify the market in the proper manner.”
Homeloans was also coy on the speculation.
“Homeloans regularly holds discussions with various industry participants regarding a range of potential transactions, at both a corporate and asset level,” the group said.
“Homeloans will update the market as and when required in accordance with the company’s ASX obligations.”
[Related: Lender says non-banks must merge]
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