Purple Circle reports well above average growth

by Madison Utley07 Jul 2020

A boutique aggregator has celebrated its recent success as reports show the group is growing significantly faster than the industry average.

Purple Circle Financial Services saw an increase in mortgage financing of 52.8% for the company on the same time last year, whereas CoreLogic last week revealed mortgage financing was up by just 10.3% across the industry as a whole over the same period. 

According to COO Frank Paratore, the “record growth” can be attributed to the continued recruitment of quality brokers from both the media campaigns the group has launched over the year, as well as the steady word-of-mouth referrals provided by existing brokers.

The aggregator's performance has held strong despite the challenges of the royal commission, the devastating bushfire season and COVID-19; as such, Purple Circle’s profile has been elevated to stand as an emerging leader in the mortgage broking space, as Paratore sees it.

“This is a phenomenal result considering the backdrop we are in,” he said.

“We believe this prolonged growth can be attributed to our clear and unique positioning as an independent and collaborative ‘share based’ aggregator with a sole focus on always doing what’s best for our members.”

Purple Circle Financial Services is the first aggregation company to be launched within Australia that enables its members to earn shares in the company through writing loans.

“Our broker 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 finished.