LONDON, UK: Fintel Plc, the leading provider of fintech and support services to the UK retail financial services sector, has announced the acquisition of two fintech firms, VouchedFor and AKG, to broaden its services and ratings for the advice market.

VouchedFor is a leading review site for financial advisers, mortgage advisers, solicitors and accountants, serving over 5,000 intermediary customers. Fintel acquired VouchedFor via its technology and knowledge platform, Fintel IQ, for a net upfront cash consideration of £7.5m, with a contingent earnout of up to £10m.

Fintel plans to accelerate the growth of VouchedFor, which has launched a new product that helps firms monitor consumer duty compliance, a statement noted.

AKG is a leading provider of independent assessments and ratings of financial strength for a range of organisations including life companies, investment platforms and discretionary fund managers. Fintel acquired AKG through its subsidiary, Defaqto, the leading provider of financial information, ratings and fintech, for a net upfront cash consideration of £1.6m, with a contingent earnout of up to £0.4m. Fintel aims to invest in AKG and extend its portfolio of ratings and reviews for financial services and investment professionals.

These are the third and fourth acquisitions by Fintel this year, following the acquisitions of learning and development provider, Competent Adviser, and tax efficient investing specialists, Micap in July 2023. The acquisitions are in line with Fintel’s strategy to improve the retail financial services market, promote the value of financial advice and increase consumer confidence and trust.

Fintel also reported that its core business continues to deliver resilient earnings in line with expectations for FY23, with growth in software license sales and acquisitions offsetting the pressures in the UK housing market.

Matt Timmins, Joint CEO of Fintel, commented: “Our positive trading momentum has continued into the second half, with continued growth in SaaS and Subscriptions revenues, supported by our resilient, diversified revenue base. VouchedFor and AKG are two market leading businesses which are highly complementary to our offering and share our vision. Both have strong adjacencies in terms of our capabilities and customers, and we look forward to further developing their compelling growth prospects. We continue to deliver growth organically and make progress consolidating the fragmented software market, providing efficiencies for advisers and consumers alike.”

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