PriyaPatel
TLDR:
- OnlineApplication led by Karl Deeter has acquired insurance tech firm Money Advice.
- The deal is expected to double OnlineApplication’s revenues and increase total employees to 25.
In a recent acquisition, Karl Deeter’s OnlineApplication, a fintech company specializing in mortgage solutions, has purchased insurance technology firm Money Advice. This move has not only increased OnlineApplication’s total employment to 25 but is also anticipated to double its revenues for the year.
The acquisition involved the head of Money Advice, Philip O’Reilly, exiting the business as the other nine employees joined OnlineApplication. The tech offered by OnlineApplication allows individuals to submit mortgage applications digitally to brokers, who can then forward them directly to bank lending systems. In 2023 alone, OnlineApplication processed €12 billion in applications from over 30,000 applicants.
The addition of Money Advice, known for its client management, marketing, quotes, advisory, and compliance tools, will enhance the overall service offering of OnlineApplication. Karl Deeter highlighted the importance of amalgamating these services into a single cloud-based product with automation, workflows, and artificial intelligence tools to streamline intermediary tasks.
This acquisition marks a significant step towards providing a comprehensive suite of tools for intermediaries, eliminating the need to juggle multiple systems for different tasks. With the combined expertise of both companies, OnlineApplication aims to revolutionize the Irish market by offering a unified platform for brokers.
The deal is not only expected to boost revenues for OnlineApplication but also catapult the company’s growth trajectory. With investors like Enterprise Ireland, Tom Kennedy, and Patrick Joy on board, OnlineApplication is poised to make a mark in the fintech space and streamline the mortgage and insurance application process for brokers and applicants alike.
