AFG signs strategic alliance with neobank Volt

We’re excited to announce a strategic alliance with Australia’s first neobank, Volt, including a $15 million investment providing AFG with a 7.6% shareholding in Volt Corporation Limited based on Volt’s current series raising amount of $85m.

Key elements of the strategic alliance include:

  • A white label AFG Home Loans Volt-funded digital mortgage product, available to AFG’s network of more than 2,975 brokers.
  • Access to Volt’s digital banking services and technology platform which will help power AFG Securities credit decisioning. This will drive further efficiencies, provide another layer of risk management, and improve the broker and customer experience.
  • Leveraging Volt’s personal finance manager (PFM) technology so that an AFG branded PFM app is made available for not only the approximately 27,000 AFG Home Loans customers, but for all AFG broker customers.
  • Agreement to work together to develop and distribute further Volt white label products to AFG brokers, including personal and business loans.
  • Volt’s digital banking deposit products will be made available to customers of AFG brokers.
  • Existing panel lenders will benefit from a referral arrangement whereby Volt’s direct customers who do not fit Volt’s credit criteria are referred, with customer consent, to AFG for fulfillment by AFG brokers.

The entry into the strategic alliance and investment is expected to complete after satisfaction of a number of conditions (with the $15 million investment held in escrow until satisfaction of the conditions).

Once the conditions of the agreement are satisfied, the white label Volt-funded digital mortgage product and AFG branded PFM app are expected to be piloted in the last quarter of the 2021 calendar year and be made available to AFG brokers in the first quarter of 2022.

AFG CEO David Bailey explained the agreement: “AFG has a strong history of delivering choice and competition to the Australian market and has more than 70 lenders on its panel. This alliance allows AFG Securities to harness Volt’s nimble banking solutions to deliver market leading innovation and faster decisioning to our brokers and customers, accelerating the ‘time to yes’ for AFG Securities customers.

“The strategic alliance will deliver value to both companies as we combine Volt’s Banking as a Service platform with AFG’s broker technology and significant distribution footprint to deliver competitive products and streamlined digital solutions for brokers and their customers.

“This agreement positions AFG brokers at the forefront of change. The development and availability of a PFM app is an important part of ensuring our brokers have the best opportunity to participate in the benefits of Open Banking as it builds across the market in the future.

“The relationship a broker holds with their customer is fundamental to their success. The provision of the new PFM app technology will enhance that connection and ensure their customers’ interests are kept front and centre,” he said.

“We look forward to working with the team at Volt to combine our technology with the digital tools Volt has built to enable our brokers to continue to provide the personalised service the channel’s success is built upon, and to equip our brokers to succeed in an increasingly competitive digital environment.”

Volt founder and Chief Executive Officer Steve Weston said: “Volt is thrilled to partner with AFG to bring our digital mortgage offering to the market at scale. AFG are pioneers of the mortgage broking industry and touch one in every eleven home loans written in Australia. Their endorsement of Volt’s digital offering through this partnership and equity investment is a landmark moment for our company.

“Volt has distinguished itself by pursuing a Banking as a Service model, and the partnership with AFG is testament to demand for integrated and white label banking to improve customer relationships. The management of financial services is no longer the domain of a handful of large institutions. Volt wants to facilitate a future where a range of businesses, large and small, can deepen their customer relationships by supporting financial journeys,” Mr Weston said.

MFAA Excellence Awards 2021 Finalists

Trophy

It’s been another outstanding year for AFG brokers nationwide with an impressive number of state finalists in the MFAA Excellence Awards in 2021. See the list of finalists below:


NSW 2021 Finalists

COMMUNITY CHAMPION AWARD
Nathan Smith, Birdie Wealth

NEWCOMER AWARD
Nathan Moore, Shore Financial

REGIONAL FINANCE BROKER BUSINESS AWARD
Ashleigh Pakis, Panache Financial Mortgage Specialist

YOUNG PROFESSIONAL AWARD
James Jabbour, Smartmove 
Joel Wyld, Peasy

CUSTOMER SERVICE BUSINESS AWARD (BUSINESS)
Birdie Wealth
Peasy

DIVERSIFIED BUSINESS AWARD
Birdie Wealth


QLD 2021 Finalists

COMMERCIAL FINANCE BROKER AWARD
Nick Smith, Red10 Finance

LOAN ADMINISTRATION AWARD
Jay Spyve, Ramsey Property Wealth

RESIDENTIAL FINANCE BROKER AWARD
Ewan Ramsey, Ramsey Property Wealth

YOUNG PROFESSIONAL AWARD
John Sinatra, Ramsey Property Wealth

DIVERSIFIED BUSINESS AWARD
Ramsey Property Wealth


SA 2021 Finalists

COMMUNITY CHAMPION AWARD
Kanwaldeep (KD) Singh, Money Merchants Financial Services

CUSTOMER SERVICE AWARD (INDIVIDUAL)
Pallavi (Avi) Laroia, Excel Mortgages
Kristin Tunbridge, Rise High Financial Solutions

NEWCOMER AWARD
Pallavi (Avi) Laroia, Excel Mortgages

RESIDENTIAL FINANCE BROKER AWARD
James Schulze, Rise High Financial Solutions

YOUNG PROFESSIONAL AWARD
Pallavi (Avi) Laroia, Excel Mortgages
Richard O’Grady,  Rise High Financial Solutions

CUSTOMER SERVICE BUSINESS AWARD (BUSINESS)
Rise High Financial Solutions

DIVERSIFIED BUSINESS AWARD
Money Merchants Financial Services

FINANCE BROKER BUSINESS AWARD
Rise High Financial Solutions


VIC 2021 Finalists

BUSINESS DEVELOPMENT MANAGER AWARD – AGGREGATOR
Foti Apostolidis, AFG

NEWCOMER AWARD
Grant Arbuckle, GA Finance Solutions Australia
Brandon Hudich, Doolan Finance

REGIONAL FINANCE BROKER AWARD
Paul Nelson, Nelson Financial

FINANCE BROKER BUSINESS AWARD
Loan Gallery Finance


WA 2021 Finalists

CUSTOMER SERVICE AWARD (INDIVIDUAL)
Kerri Buurman, Buurman Finance Solutions
Michael Harris, The Perth Mortgage Specialist
Narinder Singh, Indoz Finance Australia

LOAN ADMINISTRATION AWARD
Megan Kelly, Blackburne Mortgage Broking

NEWCOMER AWARD
Nicole Williams, Freedom Financial Solutions

RESIDENTIAL FINANCE BROKER AWARD
Michelle Towner, Towner Finance

YOUNG PROFESSIONAL AWARD
Janine Leafe, PKF Perth Financial Services
Zhe Pan, Prospar Finance
Narinder Singh, Indoz Finance Australia

CUSTOMER SERVICE BUSINESS AWARD (BUSINESS)
Towner Finance

FINANCE BROKER BUSINESS AWARD
Elite Finance Australia

BUSINESS DEVELOPMENT MANAGER AWARD – LENDER & SUPPORT SERVICE PROVIDER
Sevim Isikli, Beyond Bank (now with AFG)

AFG expands NSW and WA teams

AFG has today announced the appointment of a new State Sales Manager in WA and an additional Partnership Manager as it expands its footprint in NSW.

In NSW Erin Williams joins AFG from the Loan Market Group after a decade of supporting brokers and the industry. AFG National Partnership Manager Beccy Ras said she was delighted to be welcoming one of the state’s best Partnership Managers into the AFG team. “We are thrilled to have someone so experienced join our team in NSW,” said Beccy. “I’m sure our brokers will love working with Erin.”

“The experience she has gained from working at NAB and PLAN will stand her in good stead and add great value to AFG and our brokers.”

Erin joins the AFG team this week. “I’m excited to be joining AFG at a time when they are leading the industry in technology investment and living up to their positioning of ‘brokering a better future’ for AFG brokers across Australia,” she said.

“They have some exclusive products for their members, an industry leading Commercial & Equipment Finance platform and I’m excited to be able continue my passion of supporting brokers as they build their businesses, ” said Erin.

AFG also recently appointed a new State Sales Manager in WA with Sev Isikli joining the team from Beyond Bank Australia.

Head of Sales & Distribution Chris Slater said the team was delighted to have Erin and Sev join the team to support the company’s plans to continue to grow market share. “Sev’s collaborative style and drive to deliver service excellence will be a great addition to the WA team. She has a proven track record and a wealth of experience in lending and business development.”

“We are as energised as we’ve ever been with a lot going on, so having Sev and Erin on board is a great boost for the team.

“Our new technology roll out is getting closer every day which is exciting, and we are continuing to expand our panel options with a clear eye on supporting our brokers right across the country,” he concluded.

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AFG establishes new outsourced trail book marketplace for brokers

AFG has announced a new outsourced trail book marketplace for brokers through an arrangement with specialist cashflow lender and Mergers & Acquisitions advisory firm, TrailBlazer Finance.

AFG Head of Sales and Distribution Chris Slater said the new arrangement follows on from a successful pilot program last year and is part of AFG’s commitment to support brokers from the start right through to the end of their broking career. “The purchase and sale of a trail book is an important decision. For brokers, their trail book is their largest asset, and it was important to us that they have full access to information that supported their decision making and was independent of AFG.

“With TrailBlazer managing the process AFG brokers will have a single point of contact whose sole focus is supporting our brokers with expert advice and service as they transact.

“The outsourced arrangement with TrailBlazer Finance will ensure a seamless and transparent mortgage trail book buy-sell process for both buyers and sellers and creates a competitive marketplace for our brokers’ trail books,” he said. “Importantly, it will also ensure customers are well looked after and are at the front and centre of the transaction.”

Jeff Zulman, Managing Director of TrailBlazer Finance commented, “We are thrilled to take over the mortgage trail book buy-sell program for AFG. As a specialist lender, mortgage trail book valuer and M&A advisory firm, TrailBlazer Finance is ideally positioned to guide AFG brokers through the many complexities of buying and selling trail books. The arrangement cements our strong multi-year relationship with one Australia’s largest aggregators, and we look forward to working together more closely.”

The announcement follows the recent appointment of TrailBlazer Finance to AFG’s Commercial and Asset Finance panels.

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