New Zealand-based financial adviser network Share has sold a controlling stake in Newpark Home Loans, which operates a mortgage aggregation facility for financial advisers, to Tella Holdings for an undisclosed sum.
Newpark was first acquired by Share NZ Group back in November 2020 and provides a platform for mortgage advisers to offer home loan services.
In a statement on the deal, Share confirms that it will “retain a minority interest in Newpark” and will “continue to work closely with the business” under Tella’s majority ownership.
The platform currently works with almost 200 advisers who collectively settle more than $2.5 billion in mortgages annually through a network of 29 lenders, including Westpac, Bank of China and The Cooperative Bank.
Tella operates an API-led digital platform for home loan applications, verification, and approvals.
Andrew Chambers, CEO and co-founder of Tella, comments: “Whilst the shareholding is scheduled to change, the intention is to build on the great culture within Newpark, supporting growth within the existing advisers, while creating a home for new advisers to arrive and thrive.”
Chambers adds that Tella plans to “realise the potential of the business by leveraging our technology platform”, which is predominantly focused on mortgage brokerage services, adding that “we’ve been working alongside Newpark for several years now and have built a close relationship with the team and the advisers”.
Source: https://www.fintechfutures.com/
