REA acquires 34% of mortgage tech Simpology

REA buys into Simpology, owning 34% with two seats on the board
REA will have the ability to facilitate the direct transmission of digital mortgage applications
Simpology has integrations into over 30 lenders and over 12,000 brokers

The proptech and fintech sectors continue to show signs of heating up.

Following its own deal with South-East Asian site Property Guru, and with other proptechs announcing various funding rounds and IPOs, REA Group has invested into a mortgage technology company Simpology.

The $15 million deal makes the REA Group (who run Australia’s leading property listings site realestate.com.au) a 34% owner of the Redfern-based (NSW) software business, and will seat two people on its board.

This transaction follows REA’s March announcement regarding the proposed acquisition of Mortgage Choice Limited.

“Our partnership [with Simpology] 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,” said REA Group Chief Executive Officer, Owen Wilson.

“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.”

Simpology interfaces loan applicant, with broker and lender. Image – website.

Using Simpology’s technology, REA will have the ability to facilitate the direct transmission of digital mortgage applications to a broad range of banking and lending partners.

Currently, Simpology has integrations into over 30 lenders and over 12,000 brokers.

“We are delighted to have an established and respected technology leader like REA invest in our 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,” said Simpology CEO and founder, Kate Gubbins, in a statement.