ooba enters aggregation market
ooba, formerly MortgageSA, has entered the aggregation sector of the bond origination market through the launch of its new aggregation business under the brand "Evo". Bond aggregation is the business of facilitating access to bank contracts and systems for bond originators trading under their own brands enabling them to originate bonds directly on behalf of homebuyers.
Evo, a 100% subsidiary of ooba, is a business to business offering targeting a large slice of the lucrative South African bond aggregation market. Evo will establish business partnerships with new and existing bond aggregators to facilitate access to banking relationships and systems. Evo's favourable positioning and support services place it in a position to enable bond aggregators to compete more effectively in the marketplace and grow their businesses under their own brand names and business methodologies.
The bond aggregation market is well established in South Africa. Bond aggregators account for in excess of R5 billion in monthly new homeloan grants.
Saul Geffen, chief executive of ooba, said that ooba has deliberately not participated in the bond aggregation market to date as it has chosen to focus on growing its own financial services business, but that it is firmly committed to building Evo into a serious and competitive alternative in this market.
"We have been planning the launch of Evo for some time and we've built a compelling offering backed up by leading systems, support services and products which we believe will resonate with all bond aggregators in the marketplace", says Geffen.
The Evo name was created to epitomise the business' philosophy of innovation and the supportive business approach to partners in evolving their businesses.
The launch of Evo follows ooba's acquisition, completed earlier this year, of the country's fourth largest bond originator, owner of the Wizard and Quantro origination brands.