The partnership sets out a $15 million investment and provides the mortgage broking group with 7.6 per cent shareholding in Volt Corporation Limited.
“This alliance allows AFG Securities to harness Volt’s nimble banking solutions to deliver market leading innovation and faster decisioning to our brokers and customers, accelerating the ‘time to yes’ for AFG Securities customers,” AFG chief executive, David Bailey, said.
“The strategic alliance will deliver value to both companies as we combine Volt’s Banking as a Service platform with AFG’s broker technology and significant distribution footprint to deliver competitive products and streamlined digital solutions for brokers and their customers.”
The alliance includes a white label AFG Home Loans Volt-funded digital mortgage product and access to Volt’s PFM technology, while Volt’s digital banking deposit products will also be made available to AFG broker customers.
“Volt is thrilled to partner with AFG to bring our digital mortgage offering to the market at scale,” Volt founder and CEO, Steve Weston, added.
“AFG are pioneers of the mortgage broking industry and touch one in every 11 home loans written in Australia. Their endorsement of Volt’s digital offering through this partnership and equity investment is a landmark moment for our company.
“Volt has distinguished itself by pursuing a banking as a service model, and the partnership with AFG is testament to demand for integrated and white label banking to improve customer relationships.
“The management of financial services is no longer the domain of a handful of large institutions. Volt wants to facilitate a future where a range of businesses, large and small, can deepen their customer relationships by supporting financial journeys.”
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
