News

23
Mar

Fintel eyes acquisitions following rebrand

Fintel, the newly rebranded financial technology firm formerly known as SimplyBiz, has confirmed that it is seeking acquisitions.

The group’s annual results outlined its future strategy as combining “organic growth and selective acquisitions”. 

The report read: “Capital discipline and efficiency, along with a prudent balance sheet and leverage management, remains a key strategic priority for us, ensuring we can take advantage of selective and appropriate acquisition opportunities when they arise to further enhance shareholder value.”

Meanwhile, Fintel aims to integrate the fintech and digital capabilities of the firm from the 2019 Defaqto acquisition. As the results state: “The full integration and realisation of the strategic synergies from Defaqto will further improve the quality of our underlying earnings.”

Chief executive Matt Simmons spoke to MoneyMarketing with optimism: “We are delighted to report strong, resilient trading and substantial growth in our digital delivery during a challenging year. Rapid and ongoing digital acceleration enabled us to deliver resilient revenues with a strong adjusted EBITDA margin and adjusted earnings marginally ahead of our July 2020 guidance.

“The importance and value of our embedded services for our customers enabled us to grow in our core membership services, fintech contracts and recommendations. We were delighted to receive increased customer engagement and satisfaction in the year – something we never take for granted at Fintel.”

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