Aggregator sees 230% growth in settlement

by Rebecca Pike31 Oct 2018

A “boutique” aggregator has welcomed three new broker shareholders, as the group announces a 230% growth in settlement volumes.

In a “fantastic year” for Purple Circle, it also saw a 46% growth in broker partner members since January.

The new shareholders were announced at the group’s conference in New Zealand this month.

Managing director Greg Pennells said they expected to double the number of broker shareholders, brokers and volumes by the third quarter of 2019.

Speaking of the broking industry sentiment at the moment Pennells said, “The Royal Commission has shaken up the industry with traditional aggregators focusing less on their members and more about themselves.

“A mortgage broker who wants to grow their business is looking for support, to have a say in the direction of their aggregator and the opportunity to earn shares for doing what they do best – writing loans.”

Sandra Abela-Speer, a new shareholder of Purple Circle, said, “Never before have I seen such a strong spirit of camaraderie and mateship between colleagues.

“The participation at an equity level means that it is in everyone’s interest to see others succeed, the result of which is spontaneous collaboration and support between all members.”