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 leading fintech firms and a trading update for the year ended 31 December 2023.

Fintel has acquired Owen James Events, the leading provider of strategic engagement events in UK financial services, for a net upfront cash consideration of £0.7m and a contingent earnout of up to £1.6m. Owen James will continue to operate independently within Fintel IQ, Fintel’s technology and knowledge platform, and extend Fintel’s industry events programme and data and insights strategy.

Fintel has also completed the acquisition of Synaptic Software, a provider of software solutions for financial intermediaries and product providers, for a net upfront cash consideration of £3.5m, following regulatory approval. Fintel has agreed to invest £0.5m to enhance and integrate Synaptic’s products into its wider platform of service offerings.

Fintel’s core business has delivered resilient earnings in line with board expectations for FY23, despite the ongoing pressures in the UK housing market. Fintel’s market leading position and diverse customer base provide resilience against the macroeconomic headwinds and position it well to benefit from a recovery in the mortgage market in 2024.

Fintel continues to benefit from structural drivers such as the FCA Consumer Duty regulation, which increases the regulatory requirements for both financial intermediaries and product providers. Fintel’s platform of services helps them to evidence suitability during the financial product development and sales lifecycle.

Fintel’s sustainable growth is complemented by strategic investments to improve and expand its offering, allowing it to better support its customers as they navigate an evolving UK financial services market. Fintel maintains a strong M&A pipeline to continue to acquire complementary service offerings, underpinned by significant headroom in its £80m revolving credit facility.

Fintel’s strategy of creating a wider support platform for UK retail financial services will continue to enhance its future earnings, proposition and growth opportunities.

Matt Timmins, Joint CEO of Fintel plc, said: “In 2023 we made significant strategic progress, increased our scale, and reach through the acquisition of four businesses to our platform, and delivered a resilient financial performance in line with expectations. We have demonstrated continued evidence of our capacity and ability to drive organic growth, source and execute complementary acquisitions, and invest in our technology and data propositions.

“In line with our strategy, we are completely focused on consolidating a fragmented market to enhance our scale, proposition, and IP, as we continue to inspire better outcomes for UK retail financial services. Today, we welcome yet another market leader in Owen James Events, a business with huge potential, and our sixth acquisition in twelve months.

“We are confident of delivering further progress in the year ahead as we continue to scale our proposition, realise our very active M&A pipeline and invest in our service and technology platform, with our growth underpinned by recuring incomes and positive structural market drivers.”

Fintel Plc acquires two fintech firms to expand its services and ratings