"Our investment provides a significant cash injection to accelerate Mortgage Brain’s product transformation, enhancing its solutions and providing even greater efficiency to its customers"
- Neil Stevens, joint CEO of Fintel
Fintel, the parent company of SimplyBiz and Defaqto, has announced investments in two intermediary firms as part of its strategic growth plans.
Fintel has invested £1.5m in return for 5.8% of the current issued share capital of Mortgage Brain. The investment will allow Mortgage Brain to continue investment in its technology platform and enhance its service to lenders and intermediaries.
Mortgage Brain serves over 15,000 intermediaries with a suite of software sourcing solutions, submissions and CRM.
Under the new agreement, Mortgage Brain’s software will be made available to Fintel’s network of advisers via its Intermediary Services division.
Fintel has also announced the completion of its acquisition of ifaDASH, a reg-tech solution that assists intermediaries with running an efficient, compliant business. The acquisition was made through Fintel IQ, complementing its existing CRM software.
Through the transaction, Fintel has taken an initial 70% stake in ifaDASH, for an upfront cash consideration of £0.5m, with up to £1.0m of contingent cash consideration based on certain revenue and profitability targets being achieved in the next 12 months.
Fintel also has the option to purchase the remaining 30% equity in the business over the next two years.
The acquisition follows the Group’s recent acquisition of adviser review site VouchedFor and provider of financial information, ratings and fintech, AKG.
Neil Stevens, joint CEO of Fintel, said: “Our new distribution agreement with Mortgage Brain will enable our members to access their leading mortgage sourcing and submission software as part of our integrated platform.
“Our investment provides a significant cash injection to accelerate Mortgage Brain’s product transformation, enhancing its solutions and providing even greater efficiency to its customers, including Fintel’s extensive membership base.
“We are also delighted to acquire ifaDASH today, as we seek to continue to enhance our CRM capabilities. CRM is critical to our wide network of intermediaries as it improves their efficiency and reduces the regulatory burden, allowing them to focus on generating better outcomes for their clients.”
