MA Money reaches $1bn in settlements

The lender – which launched in 2022 after MA Financial acquired the company (when it was formerly known as MKM Capital) – reached the milestone after seeing a 244 per cent increase in its loan book in 2023 (ended 31 December).

While it had settled $829 million by the end of 2023, it has now surpassed the $1 billion figure.

The joint chief executive of MA Financial Group, Chris Wyke, said: “We are delighted to announce this important milestone for MA Money, which comes after 18 months of preparing the business for growth.

“Reaching $1 billion in settlements is tangible proof that we’re on the right track with our strategies, which prioritise a seamless experience for brokers and flexible solutions for our customers with unique home loan requirements.

“The impressive growth rate of MA Money positions us favourably to realise our ambition of becoming one of Australia’s leading non-bank financial institutions.”

Wyke stated that there had been significant investment in MA Money’s systems and infrastructure recently, including a “digital application system” and third-party integrations with CoreLogic, as well as e-signing and Digital ID capabilities, as well as an expanded product range.

Wyke commented: “We’ve taken time to build a very experienced and knowledgeable team and improved our loan product offering in the market.

“Recently, MA Money has introduced SMSF and Expat loans, prioritised offering competitive rates and demonstrate agility to adjust policies to provide more flexibility when it makes sense to the business and our customers.”

[Related: MA Money loan book up by 244%]