Real Estate Australia Group (REA) has acquired a 34 per cent interest in Australian software company Simpology.
The software provider offers digital mortgage application and lodgement solutions for broking and lending industries.
As a part of their new agreement, REA will take two seats on the Simpology Board.
REA plans to use Simpology’s technology to facilitate direct transmissions of digital mortgage applications to a range of banking and lending partners.
Simpology currently integrates with more than 30 lenders and 12,000 brokers. It expects to grow further in the near future.
This transaction follows the proposed acquisition of Mortgage Choice Limited, which REA announced in March.
It is expected to accelerate REA’s financial services strategy by providing consumers with more choices. It also aims to simplify the navigation of home loan options and improve productivity for their broker network.
REA Chief Executive Officer Owen Wilson believes REA’s investment in the software provider will reinforce the group’s commitment to delivering quality end-to-end mortgage application solutions for consumers, brokers and clients alike.
“Our partnership will provide a step-change in the loan selection and digital application experience REA can deliver the 12 million Australians who visit realestate.com.au each month.
“At the same time, Simpology’s suite of digital products will deliver productivity improvements to our brokers through higher quality loan submissions resulting in less re-work, faster loan approval times and streamlined business operations, so they can spend more time with their clients,” he said.
Simpology Executive Chairman Dave Jacobson agreed it was a “significant strategic milestone” for the company.
“We look forward to working with the team at REA as their technology enabler to help bring to life their vision of building Australia’s leading financial services marketplace.”
Simpology CEO and Founder Kate Gubbins added they were “delighted” to have an established and respected technology leader like REA invest in the business.
“Our team at Simpology has been working hard on innovative new solutions and the investment timing is perfect to bolster our commitment to delivering efficiencies to our partners across the industry,” she said.
