Moneycube.ie, the online platform for investments, savings, and pensions, has acquired Clondalkin-based mortgage broker OMAC Mortgages and Finance to make its first foray into the mortgage market. The purchase of the west Dublin mortgage business, which has €30 million in assets under advice, boosts Moneycube's total assets under advice to €250 million.

The Irish Independent reported that the acquisition represents the latest in a series of deals by Moneycube. In 2022, the company bought corporate pension consultancy Allen Retirement and Finance and private wealth management firm Pension Investment and Property Trustees, which had a combined €100 million in assets under advice.

Moneycube also acquired O'Sullivan Tierney Financial Management and the operation of Alexander Beard International Benefits, which specialises in employee benefits.

A fragmented Irish wealth advisory and management industry has been undergoing rapid consolidation since 2021, with smaller owner-managed pensions and investments advisers and mortgage and insurance brokers being acquired. Private equity-backed firms and industry giants have been buying smaller insurance brokers across Ireland, though many independent Irish-owned businesses seeking exits believe domestic buyers offer better cultural fit.

Garry Manning, managing director of OMAC Mortgages and Finance, said: "Moneycube's straight-talking approach to finance, its deep knowledge of investment markets and its Irish roots made it a standout choice to back the future of OMAC Mortgages and Finance."

Feargal McKenna, head of corporate at Moneycube, said: "Garry and the team have built a cracking operation in Clondalkin. Their reputation among customers and the wider financial services industry made OMAC Mortgages and Finance an attractive prospect for us to invest."

Learn how Moneycube's acquisition strategy is expanding its financial services platform across Ireland's wealth management sector.