Australian Finance Group
Strategic alliance with Volt Bank
On 3 June 2021 Australian Finance Group ("AFG") announced it had partnered with Volt Bank ("Volt") to form a strategic alliance following a $15 million investment into the current series capital raising to acquire a c. 8% stake. The strategic alliance will leverage Volt’s Banking as a Service (BaaS) offering, by providing a digital white-labelled mortgage product funded by Volt through AFG’s national network of ~3,000 brokers. AFG will leverage Volt’s digital banking and technology platform to drive AFG Securities credit decisioning, to increase the speed of loan assessments and allow its brokers to stay closer to customers, ahead of offering deposits through Volt. Volt’s personal finance manager technology will be made available to AFG’s Home Loan customers and all AFG broker customers.
Volt is an Australian neobank, offering direct banking exclusively online without traditional physical branch networks. The PFM app is aimed at making the customer’s day-to-day transactions a simpler proposition, while also providing a platform for customers to better manage their money and feel more empowered.
AFG was established in 1994 and has grown to become one of Australia’s largest mortgage broking groups and leaders in financial solutions.
Azure acted as financial adviser to AFG including providing valuation, structuring and strategic advice.