REA Group has acquired a 34 percent stake in Simpology, a mortgage application and e-lodgement solution provider to the broking and lending industries, for $15 million.
The real estate group will take two seats on Simpology’s board as a result of the stake.
Simpology’s platform provides end-to-end mortgage solutions that are designed to accelerate home loan processes.
The Australian-based company currently integrates with more than 30 lenders and roughly 2000 brokers.
REA expects the new partnership will provide consumers with better options and simplicity when looking through home loan options.
The deal will also deliver workflow improvements to REA’s broker network by offering better loan submissions, faster loan approval times and improved business operations.
The stake follows REA Group’s proposed acquisition of Mortgage Choice for $244 million as the company looks to lift it financial services strategy.
The company made another strategic move this past March with the appointment of Kris Matthews to lead the company’s data division, PropTrack.
REA Group chief executive Owen Wilson called the appointment “instrumental” in pushing the company’s strategy forward.
Wilson said today’s announcement on REA’s investment in Simpology reinforces its commitment to “delivering the best end-to-end mortgage application solution for consumers, our brokers and their clients.”
“Our partnership will provide a step-change in the loan selection and digital application experience that REA can deliver to the 12 million Australians who visit realestate.com.au each month,” Wilson said.