Fintel grows revenue and earnings on the back of acquisitions

Tech provider to the financial services industry Fintel says it has made a positive start to the year following a rise in revenues and earnings on the back of an acquisition spree.

The Huddersfield-based plc, which owns a number of brands including defaqto and simplybiz, saw statutory revenue climb 20.6% to £78.3m in 2024, while adjusted operating profits in the same year reached £18.7m, up from £16.9m. Meanwhile core revenue figures - which exclude panel management and surveying activities - were up 21.9% to £68.9m.

It also pointed to 17% growth in core SaaS and subscription revenue to £44.1m.

Fintel chair Phil Smith noted further volatility in the UK market, caused by global instabilities; "landmark" changes in the UK regulatory environment; and major events such as the Labour Government's first UK budget. But despite the challenging domestic and international backdrop, he expected the UK financial services sector to continue offering growth opportunities - crucially in the technology and data analytics sub-sectors, as well as anticipation of a resurgence in the mortgage market.

Growth at Fintel has been underpinned by a series of eight acquisitions since summer 2023, including a number last year in Owen James, Synaptic Software, ifadash, Mortgage Brain and Threesixty Services. It also acquired fund ratings and research agency Rayner Spencer Mills Research Limited in January this year. Overall, the group spent £31.7m and now expects those businesses to contribute to growth in 2025.

Matt Timmins, joint CEO of Fintel, said the business had started 2025 well, bringing in new customers. He said: "2024 has been a seminal year for Fintel, marked by continued strategic advancements and strong financial performance. The company has delivered robust results, with complementary acquisitions contributing to substantial growth in SaaS and subscription-based revenues.

"We have expanded the Fintel group by welcoming four new businesses in 2024, with the previously announced acquisition of RSMR successfully completing in January 2025. These strategic acquisitions, combined with ongoing investments in our proprietary technology and data solutions, have enhanced our intellectual property, scale, and market presence, laying the foundation for sustained organic growth."