OneDome has acquired Coreco Group for a “seven-figure sum” pending FCA approval.
Coreco directors Andrew Monlake and Julian Ingall and the existing management team will continue in their roles following the acquisition by the digital home buying platform. 
Both will also join OneDome's management team and help steer the group's overall strategy.
Mortgage Advice Bureau chief executive Peter Brodnicki, one of Coleco's original backers, played a key role in securing the deal and will exchange his Coleco shares for OneDome shares. It's planned.
Coreco was founded in 2009 by Montlake, Matt Lowndes and Francois Taljaard, former directors of Cobalt Capital.
They were soon joined by former senior colleagues at Cobalt, including Ingall, Rob Gill and Roy Hardy, after the original brokerage became a victim of the financial crisis.
Despite the name 'Coleco' being taken from 'cobalt core', this new brand quickly established its own identity and began winning mortgage awards.
Mr. Gill left in 2018 to found Altura Finance, and Mr. Taljaard subsequently joined the company. Meanwhile, Lowndes moved to MAB in 2019 to lead digital innovation.
OneDome was founded in 2017 by Babek Ismayil with a mission to build a “seamless, all-in-one home buying platform.”
Since then, the company has acquired Nethouseprices, as well as mortgage and financial advisory businesses Contractor Wealth Management, CMME Mortgage and Protection, and Albany Park.
We offer mortgage advice, conveyancing and homebuyer insurance for a fixed fee, with cases overseen by a dedicated project manager.
Mr. Monlake, who currently serves as Managing Director of Coleco, will become Chief Executive Officer of Coleco Group.
His focus will be on evaluating the company's growth, referral base, employer financial education programs, self-employed sector and potential broker acquisitions.
He will continue to be the group's spokesperson.
Monlake said: “This acquisition is a significant milestone for Coleco and the latest step in our exciting journey.
“In an ever-changing market, our hard-working Coreco family deserves the stability and opportunity that comes with belonging to a larger group, without changing our great brand and company DNA.
“We have been looking for an investment partner for some time, and in speaking with Babek for several years, I have always been impressed by both his passion and ingenuity.”
As Coleco's Commercial Director, Ingall will be responsible for growing the specialist and commercial team, growing the company's referral base and finding acquisition targets.
He said: “There are so many opportunities in the mortgage market, especially in the professional and commercial sectors, and it's frustrating that we haven't always had the opportunity to make the most of them.” It gives us the impetus and influence to bring about real change.
Mr. Ismail said: “Bringing Coreco into the OneDome family is transformational for our vision of seamless real estate transactions.
“We are very pleased to welcome Andrew Monlake and Julian Ingall to our executive management team to drive our ambitious growth plans.
“Today, the OneDome family is comprised of 170 members, including more than 70 advisors, and we are transforming homebuying forever.”
