OnlineApplication, the mortgage solution fintech led by home loans expert Karl Deeter, has acquired insurance technology business Money Advice for an undisclosed sum.
The head of Money Advice, Philip O’Reilly, has exited the business as part of the deal, which has seen its other nine employees join OnlineApplication, the trading name of a company registered as Artificial Intelligence Finance Limited.
Mr O’Reilly disclosed the transaction in his profile on LinkedIn.
[ Karl Deeter’s mortgage application company raises €1mOpens in new window ]
The technology of OnlineApplication, which is backed by Enterprise Ireland and several Irish entrepreneurs, allows prospective homebuyers or loan switchers submit applications over their phones to a broker and then brokers can file these directly into the bank lending systems digitally.
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In 2023, OnlineApplication processed €12 billion in applications made by over 30,000 applicants. However, Mr Deeter declined, when contacted by The Irish Times, to comment on the value of loans that were actually approved or drawn down on foot of the applications.
Money Advice is a player in the Irish insurtech space, providing a full suite of client management, marketing, quotes, advisory and compliance tools that will round out the combined offering of the wider group.
“In the past, brokers needed one system for communication, another for compliance, one for mortgages, one for life insurance and they’d spend a huge amount of time on repetitive administration,” said Mr Deeter.
[ Ireland ‘second most affordable’ European country for a personal loanOpens in new window ]
“Our new offering will put every tool that an intermediary needs into a single cutting-edge cloud-based product, complete with automation, workflows and new tools which will utilise artificial intelligence. This has never been done in Ireland because the market developed in a fragmented manner.”
It is expected that the deal will lead to a doubling of OnlineApplication’s revenues this year from an estimated €1 million generated last year. The addition of the nine staff from Money Advice brings total employees to 25.
Mr Deeter owns about half of the company. Other investors include Enterprise Ireland. Hostelworld co-founder Tom Kennedy and Patrick Joy, founder of storage equipment specialist Suretank.
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