Three-year succession plan sees AFG take control of platform, with founders stepping down at year's end
Australian Finance Group (AFG) has taken full ownership of BrokerEngine, completing a three-year succession plan established by the software business’s Brisbane-based founders, Craig Vaughan and Will Swayne.
AFG initially acquired a 70% stake in BrokerEngine in 2021, aiming to strengthen its position in the Australian mortgage market with new technology. The partnership focused on developing solutions to drive business growth for brokers and enhance customer outcomes.
Since the acquisition, BrokerEngine has seen a 140% increase in subscriber numbers, with brokers across Australia adopting the platform to streamline loan processing, improve workflows, and optimise business operations. AFG gradually increased its stake over three years, reaching 100% ownership in 2023.
Last month, AFG launched BrokerEngine Plus, a broker platform which will be used exclusively by its network of more than 4,000 mortgage brokers.
BrokerEngine’s transition to full ownership aligns with the founders’ long-term plan to ensure the business could succeed beyond their direct involvement. Vaughan and Swayne will step down from daily operations at the end of 2024, handing leadership to a well-established internal team with deep knowledge of the platform and its customer base.
“Building a business to what it is today takes a lot of hard work, grit, and determination,” said David Bailey (pictured above), chief executive of AFG. “Will and Craig should be extremely proud of what they’ve achieved. It’s been a pleasure working alongside them, and we wish them all the best as they take a well-deserved break.”
BrokerEngine, one of Australia’s top broker technology platforms, has won accolades for its advanced workflow automation and ability to support bespoke customer journeys tailored to brokers’ specific needs.
In a joint statement, Vaughan and Swayne expressed confidence in the company’s future under its new leadership.
“Building BrokerEngine has been a challenging and rewarding journey, and we’re immensely proud of the impact it’s had on brokers and mortgage borrowers,” they said. “We are confident the amazing team at BrokerEngine will continue to drive innovation and value for years to come.”
AFG, meanwhile, emphasised its commitment to supporting BrokerEngine’s continued growth and platform development.
“The BrokerEngine team is fully equipped and ready to take the business forward, delivering on its promise of innovation and value for brokers and their customers,” Bailey said.
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