iscover 
The transaction forms part of Recludo’s broader plan to establish a national, broker-led platform designed to support founder-run mortgage businesses at scale.
Launched in mid-2024, the group has built a $3.2 billion residential loan book through a combination of acquisitions and partnerships with established brokerages.
The latest addition, Thry Group, is a specialist mortgage management business focused on streamlining processes through real-time access to credit and operational support.
Under the partnership, Recludo will back Thry’s next stage of growth as it expands its broker-focused platform.
“We know there are many brokers who value the speed and flexibility we bring,” Thry CEO Lisa Zhang said.
“Our focus has always been giving brokers direct access to decision-makers so they can move quickly and deliver better outcomes for their clients.
“Partnering with Recludo gives Thry the operational backing and national reach to scale that offering, while staying firmly focused on brokers and their clients.”
Building a network
With mortgage brokers now originating more than 78 per cent of all new residential home loans in Australia, Recludo said it is targeting the inflection point faced by many larger founder-led brokerages. At this stage, increasing regulatory obligations, people management demands, and operational complexity can divert time away from leadership, growth, and succession planning.
Through partnerships with established broker businesses, Recludo provides a centralised operating framework spanning governance, compliance support, marketing, technology, recruitment, and business development.
The model typically involves Recludo taking a controlling stake in a broking business and working alongside owners and teams to provide resources and consulting services aimed at “rapidly increase revenue, profit, and value growth”.
According to Recludo, this approach enables founders to step back from day-to-day loan writing and focus on strategy, expansion, and long-term succession, supported by shared infrastructure, capital, and specialist expertise.
Recludo CEO Tim Brown said the partnership with Thry reflects the group’s commitment to backing founder-led businesses navigating structural change in the mortgage sector.
“Mortgage broking has become more complex over time, with higher compliance burdens and increasingly sophisticated lending environments,” Brown said.
“Thry has been built with a very clear purpose: to give brokers speed, flexibility and direct access to people who can make decisions. That philosophy aligns strongly with Recludo’s approach to supporting the next phase of growth in this industry.”
Last year, Recludo accelerated its expansion through the acquisition of three brokerages and two loan books.
The group also appointed former AFG general manager and Fintelligence CEO Chris Slater as its inaugural head of strategic growth.
Recludo has now established seven mortgage broking partnerships nationwide.
[RELATED: Why independent partnerships are key in facilitating growth]