Software Circle, a London-listed software investment firm, has acquired a 95% stake in Dublin-based fintech Artificial Intelligence Finance (AIF) in a deal valued at up to €9mn.
The transaction includes an initial €5mn payment, with €670,000 deferred for 12 months. A further €4mn may be paid based on performance targets set for 2026 and 2027.
AIF operates under the name OnlineApplication (AO), a digital platform built for mortgage and life insurance processing. The software allows applicants to submit mortgage applications via mobile, while brokers can connect directly with lender systems.
The platform is currently used by 60 mortgage brokers, five lenders, 200 life insurance intermediaries, and two life insurers.
Last year, AIF acquired Money Advice, an insurtech firm, expanding its offerings to include AO Life and CRM — a suite for marketing, compliance, quoting, and client management. AIF generated €2.2mn in revenue in 2023.
Software Circle stated that the acquisition is set to be cash-generative and will contribute positively to earnings from year one. The valuation reflects projected EBIT performance in future years.
Karl Deeter, AIF co-founder, retains leadership of the company. He previously held a substantial equity position. Other shareholders included Enterprise Ireland, Hostelworld co-founder Tom Kennedy, and Suretank founder Patrick Joy.
This move strengthens brokers as the leading distribution channel for digital financial services in Ireland.
Karl Deeter, AIF co-founder
Advisers for the transaction included Hugh O’Neill of Hogan and Associates for AIF and Allenby Capital for Software Circle.
The deal reflects increased investor demand for platforms that streamline mortgage and insurance workflows. Brokers currently account for nearly 50% of home loan originations in Ireland, as digital systems reshape the way financial products are distributed.
