Rubik confirms Mortgage Choice deal

Listed software provider Rubik Financial has confirmed that its Symmetry platform will replace Mortgage Choice’s in-house mortgage broker system.

On 27 October, Mortgage Business reported that the $35 million acquisition of Stargate’s technology division by Rubik Financial has helped the platform provider attract the industry’s largest diversified financial services groups, including Mortgage Choice.

“This deal has been worked on for a number of months and was signed prior to Rubik’s recent acquisition of Symmetry – the transition project is currently on track,” Rubik said in an ASX statement yesterday. “This will improve Mortgage Choice’s productivity and customer engagement and provides a material annual revenue contribution to Rubik.”

Rubik Financial managing director of mortgages Brett Spencer told Mortgage Business that Mortgage Choice’s strategy towards becoming an integrated financial services business with the addition of a financial planning arm was a perfect fit for Rubik.

“The whole strategy of the group, with Rubik having a combined wealth solution and mortgage solution that is the integrated platform in the market is a big plus for brokers, particularly with diversification,” he said.

Astute Financial is another diversified group working with Rubik’s mortgage platforms.

“There are opportunities for companies like that to have a single supplier and a single integrated solution,” Mr Spencer said.

“We have had a number of customers, who were an existing Symmetry client, who have taken up the wealth platform, Coin, and are now providing a greater service and Mortgage Choice is a classic example of that,” he said.

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