Purple Circle Financial Services breaks another loan settlement record

by Gerv Tacadena11 Dec 2020

Boutique aggregator Purple Circle Financial Services has announced its loan settlement figures are continuing to chart unprecedented growth.  

The latest results from the group showed a 51.06% increase in loan settlements in the month of October, breaking the previous record it achieved in August.

This strong monthly growth followed the group's announcements of a 52.8% increase in settlements from the previous financial year – higher than the industry average of 10.3% based on CoreLogic data.

"It hasn’t hurt our profile being awarded ‘2020 Boutique Aggregator of the Year’, but seriously, this is a fantastic result considering the backdrop we are in," said Frank Paratore, COO of Purple Circle.

Paratore attributed the recent growth to several factors, including the recruitment of quality brokers off the back of the group’s media campaigns and strong word-of-mouth referrals from its existing broker partners.

“Our members have a strong say in the strategic direction of the company which allows us to not only provide brokers with what they need, but also what they want for their businesses to succeed. This is clearly reflected in the company’s performance to date,” Paratore said.

"Our unique share-based, co-op style offering is proving to be very attractive to brokers looking for more from their aggregator.”

Purple Circle also recently partnered with neobank 86 400, enabling the group to offer the bank’s solutions to its clients.

Paratore made it clear he views is as crucially important Purple Circle be  partnering with “innovative” lenders that offer a wide range of products and services to suit the ever-changing lending landscape.

“Clients have different requirements depending on their circumstances, and we are providing our members with a diverse panel of lenders to assist with attending to those client’s different requirements…further ensuring our broker members are both equipped for diversity and engaged for market change,” he said.