West Yorkshire fintech Fintel has thanked a series of mergers and acquisitions for healthy full-year results which saw growth adjusted for Ebitda rise 5.6 per cent, from £19.4mn in 2022 to £20.5mn last year.
Core revenue across the business was also up slightly to £56.6mn, up from £56.4mn in 2022, while Core SaaS and subscription revenue was up 2.2 per cent to £37.6mn.
Fintel has already bought two companies this year, following the four it snapped up in 2023, and joint CEO Matt Timmins suggested the acquisitions are not done yet:“We have delivered strong financial results and also continued to grow the business through a combination of organic growth and M&A.
“M&A helps us continue to deliver important services for intermediaries and organic growth is across all three divisions within the business.
“M&A will continue to be a part of the story, but it’s not the full story. Continuing organic growth and continuing to deliver enhanced services to intermediaries is our primary.”
Joint CEO, Neil Steven, added: “We’ve seen in January and February, for the first time in 18 months, there’s been an increase in the average portfolio size.
“So we’re seeing more clients taking more advice and bringing more money to the table. So we think there’s three compound drivers of growth to further advice businesses, as we come into 2024.
“All the acquisitions we’ve made available have helped us complete the jigsaw of making one stop shop, and in terms of consumer duty, that ties us all together.”
Timmins added research carried out by Fintel showed the average intermediary was using between five and nine different pieces of software to give advice to clients.
He added that Fintel’s acquisitions had also made it easier to join these different tech components together for clients: “Very often that software didn’t talk to each other, so one of our stated aims is to make sure that we can provide everything an intermediary firm needs to do the job for their clients.
“That there is a good two way integration between all of the technology components. So that was one of the reasons we bought the businesses that we bought last year.”
