The parent company of SimplyBiz and Defaqto has unveiled two acquisitions during a trading update for the six months ended 30 June 2023.
This comes several weeks after Fintel invested into fintech company Plannr Technologies through its early-stage technology incubator Fintel Labs.
The first acquisition announced by Fintel is Micap – which offers independent research and advice tools for tax advantaged investment products.
The deal was completed by Fintel’s subsidiary business Defaqto. It will extend Defaqto’s reach into the tax-advantaged market.
Completed in July 2023, the transaction was funded entirely from cash reserves with upfront cash consideration of £3m ($4m, €3.5m). In addition, £1m cash consideration is deferred for one year and a £500,000 contingent earnout is based on certain trading criteria being delivered in the first year of ownership.
Secondly, the group has bought Competent Adviser via Fintel IQ, a newly-formed technology and knowledge platform.
Competent Adviser is a learning platform enabling advisers to meet increasing regulatory competency requirements.
Completed in July 2023, the transaction was funded entirely from cash reserves with upfront cash consideration of £2.5m. In addition, a £500,000 contingent earnout is based on certain trading criteria being delivered in the first year of ownership.
Matt Timmins, joint chief executive of Fintel, said: “Fintel has made a positive start to 2023, with a solid performance in our core business and significant strategic progress through a series of successful investments and acquisitions.
“Fintel is pleased to announce today the acquisition of Micap and Competent Adviser, two technology platforms serving in excess of 15,000 users, complementing our recent investment in Plannr Technologies through Fintel Labs and further strengthening our product and service proposition