Recludo has taken a majority stake in a Victorian financial services business as it steps up its national growth plans.
Residential mortgage group Recludo has acquired a 51 per cent stake in Victoria-based financial services firm My Expert, extending its national expansion strategy.
Under the agreement, Recludo purchased a controlling 51 per cent interest in My Expert and will provide what it described as “strategic and operational support” to accelerate the company’s next growth phase.
My Expert will remain founder-led, with CEO Brett Wadelton continuing to steer the business while tapping Recludo’s capital, infrastructure, and broader broker network.
Wadelton said the partnership would provide the business with resources to expand without losing its founding values.
“With Recludo’s support, we can invest further in our team, expand our offering and help more Australians make confident financial decisions throughout life. Partnering with Recludo allows us to accelerate our growth while staying true to who we are,” he said.
Wadelton also pointed to the role of My Expert’s training infrastructure in the combined group.
“Our Elite Broker Academy, I’m sure, will play a key role to support not only our own but other broking businesses in the Recludo stable, with an industry-best mentoring program producing elite residential and asset brokers,” he outlined.
Recludo underscored Wadelton’s industry credentials as part of the rationale for the deal, noting that he had spent more than 26 years in the mortgage industry and was an MFAA-approved mentor.
It also positioned My Expert’s newly launched Elite Broker Academy – created with broker training provider Mr Mentor and led by broker and educator Tiffany Angus – as a key pipeline for the next wave of mortgage and asset finance brokers.
Consolidation play in a fragmented market
Recludo pitched the acquisition as part of a broader realignment in the mortgage distribution landscape.
The group highlighted that broker share of new residential lending now sat at more than three-quarters of the market, even as many businesses remain relatively small and heavily burdened by compliance requirements.
In its view, that combination is pushing more successful founders to consider equity partners, which can provide deeper systems and capital support.
Recludo CEO Tim Brown said My Expert’s client proposition and breadth of service made it a natural fit.
“What attracted us to My Expert was the depth of the client relationship model they’ve built. This is not just a mortgage brokerage but an integrated advice business with genuine cross-service capability. Brett has built a highly respected business over nearly three decades and we see significant opportunity to support the next stage of growth,” Brown said.
“The Elite Broker Academy also aligns strongly with our long-term vision around talent development and supporting the future growth of the broker industry.”
Platform model and growing loan book
Recludo said the deal reflected its business model of taking majority positions in high-performing, founder-led firms and then providing centralised support.
“We’re building a platform designed to help high-quality founder-led businesses grow beyond the limitations that often come with operating independently,” Brown said.
“The momentum we’re seeing across the sector reflects a much broader shift towards consolidation, scale and integrated financial services models. My Expert is another strong example of that evolution.”
With My Expert now part of the group, Recludo’s combined residential loan book has pushed past the $3 billion mark, with the firm reaching eight partnerships since launch.
[Related: Recludo snaps up Pink Finance, eyes IPO]
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