Magenta is celebrating its 30th anniversary. In this post, we are discussing our journey from 1994 to 2024 and the way forward.
A New Way of Thinking About Mortgages
A sunset between a boy and his father inspired a new way of thinking about mortgages. “I think they call it Magenta,” the boy would later remark.
Creating a Purpose
Magenta gained its very first shareholder in 1994.
Dreaming of a life defined by the possibility he could give his children, rather than a life defined by limitations, Gavin Marshall, Founder & CEO of Magenta, struck out on his own in 1998. It all began in the inaugural headquarters of the Marshall family basement.
Eight years into creating the Magenta he envisioned, Gavin said farewell to the basement and moved to an office in downtown Perth with his first employee. At that time, Magenta’s AUM (assets under management) was $4 million, and within a year of moving, its AUM doubled.
Magenta soon outgrew that first office in Code’s Mill (now a lovely wedding venue, we’re told), moving down to roomier 47 Gore Street East to accommodate a larger staff of 4. It was this tight-knit crew that weathered the 2008 recession with zero loan loss.
In March 2011, Magenta became registered as an Exempt Market Dealer. This allowed us to trade in exempt securities in Alberta, British Columbia, New Brunswick, and Ontario. Later that year, Magenta hit $100 million AUM.
By the fall of 2012, seeing a need for senior talent to help manage the burgeoning company, Magenta settled in a new office on Boyd Avenue in Kanata. The intention was to attract those unable to make the trek to Perth and increase Magenta’s access to their Ottawa-based broker and investor bases. In 2015, Magenta moved to the current, and far more conveniently located, Kanata office on Terry Fox Drive.
Two years later, Magenta hit $300 million AUM. What followed, in 2020, is known to many: The COVID-19 pandemic. It was a catalyst for transforming the company as we embraced remote work and recruited talent from across Ontario. By 2022, well over 45 employees strong, Magenta said farewell to Perth, sunsetting the Gore Street office. It formally transitioned its headquarters to its current First Canadian Place location in Toronto. Magenta also surpassed $500 million AUM in that Spring.
This past year Magenta spread its hue through industry events, blogs, and social media, celebrating Pantone’s Viva Magenta as colour of the year and acting as a key sponsor of CMP’s inaugural Women in Mortgages Summit in June.
Magenta has evolved over the years and solidified its purpose to connect people with opportunities to build a better tomorrow. In 2024, we mark 30 years and set our sights on living our purpose, saying thank you and giving back.
Saying Thank You
Magenta is successful because of the people it works with. The relationships we have with our customers, partners and employees are key to our growth.
Three decades of personalized service and reliable income for our investors allowed them to build for their tomorrows. They have been able to leave legacies behind through community involvement, while others have created generational wealth and opportunities for their loved ones. Whether they have come to Magenta directly, or they found us through an investment advisor, we thank them for their support throughout our journey.
A huge contributor to Magenta’s growth is our broker partners. We understand that a broker’s reputation with their client is the cornerstone of their business. Magenta always seeks to deliver exceptional service to our broker partners, offering flexible, easy and valuable mortgage products for the unique needs of alternative borrowers. We thank our broker network for their partnership over the last 30 years.
We officially became Great Place to Work certified in 2022. At Magenta, we foster a culture of innovation, inclusivity, and empowerment. Of course, this is not possible without the support of the Magenta Team and their dedication to helping our customers and partners build better tomorrows.
Magenta is a believer in the idea that progress is about more than just more – it’s about creating a more caring and just world. We know our lending areas intimately and we hope to give back to the areas that our customers and partners reside in. When we say ‘Your Tomorrow Matters’, that means everyone’s tomorrow matters. That’s why Magenta makes philanthropy a priority. We recently supported CHEO (Children’s Hospital of Eastern Ontario in Ottawa) and the Hospital for Sick Children in Toronto, through our broker network. Additionally, Gavin has been instrumental in Trent University’s Campaign for Momentous Change. On the environmental front, we partnered with Carbonzero to measure, manage, and mitigate our climate impact, and practice carbon offsetting to sponsor real and verified reductions in greenhouse gas emissions.
The Way Forward
Magenta will continue to build upon its 30 years of helping our customers achieve a life defined by possibility. Our team is committed to making meaningful contributions and aspiring to do more for our customers and our community. Together, with our partners, we look forward to embarking on another 30+ years.