Strategic move positions AFG for growth in asset finance market
Australian Finance Group (AFG) has finalised the acquisition of the remaining 16.7% stake in asset finance aggregator National Finance Alliance, trading as Fintelligence.
“We are delighted to complete the acquisition of this outstanding business,” said AFG chief executive David Bailey (pictured above). “The growth in settlements and the opportunities created by connecting the two businesses gave us confidence to accelerate the transaction.”
The deal solidifies AFG’s ownership of Fintelligence, which has contributed to over $3.3 billion in asset finance settlements over the past 12 months. Since AFG’s initial acquisition in 2021, the company’s asset finance market share has grown from 3% to 5%, driven by Fintelligence’s technology and position as a market leader.
AFG initially purchased 75% of Fintelligence in December 2021 for $52.5 million, with an option to acquire the remaining 25% in stages over 3.5 years. In September 2023, AFG increased its holding to 83.3%. The final tranche, costing $11.4 million, brings AFG’s stake to 100% nearly a year ahead of schedule.
Bailey highlighted the success of Fintelligence’s broker network, noting its role in helping AFG broaden its offerings in the asset finance market.
“AFG has a 30-year track record of supporting brokers, and we are excited to replicate our residential market success in this growing segment,” he said.
Earlier this year, the combined AFG Group introduced Partner Connect, a referral program that links residential brokers with asset finance opportunities. Fintelligence’s retail brokerage, Broli, has been a key part of the initiative.
“We look forward to continuing our work with the Fintelligence team and our brokers to provide choice for consumers and strengthen competition in the asset finance lending market,” Bailey said.
Fintelligence co-founder Richard Burgess said the acquisition would further drive growth and innovation.
“This will enable the group to reinforce our leadership position and capitalise on new opportunities that create long-term value for our aggregation partners,” he said.
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