Strong revenue growth has been reported at Yorkshire-based fintech firm Fintel on the back of acquisitions.
The provider of services to financial intermediaries said statutory revenue increased 21% to £78.3m in 2024 and Ebitda grew 8.5% to £22.2m following investment to expand products and capabilities. Core revenue also grew, by 22% to £68.9m thanks to a £15m boost from a series of acquisitions last year including Threesixty Services, ifaDASH, Owen James and Synaptic Software.
Earlier this month, following regulatory approval, Fintel completed the acquisition of investment research operator Rayner Spencer Mills Research Limited (RSMR) for £5.2m. The deal gives Fintel a 70% stake in the company with the remaining 30%, still owned by management, to be acquired over the next two years, subject to price and performance. RSMR is expected to contribute Ebitda of £500,000 in 2025.
In its update to investors on the London Stock Exchange, Fintel said it had been focussed on integrating the four acquisitions into its business and investing in technology and data to generate growth, including the release of Defaqto's Matrix 360 this month.
Bosses were confident that changes in the º£½ÇÊÓƵ financial services market, including regulatory requirements and more demand for data and insights, provided a positive outlook. They warned recent increase to employers' National Insurance contributions would bring additional costs of about £650,000 in FY25 - though steps would be taken so as not to negatively impact earnings.
Matt Timmins, joint CEO of Fintel plc, said: "2024 has been a year of continued strategic progress and positive financial performance. The business has performed well, with complementary acquisitions supporting significant growth in SaaS and subscription revenues.
"We have welcomed four new businesses to the Fintel family in 2024, with the previously announced acquisition of RSMR also receiving regulatory approval in December 2024. Through these strategic acquisitions and continued investment in our unique technology and data propositions, we have successfully expanded our IP, scale and reach, which will support future organic growth.
"We are confident of delivering further progress in the year ahead, with our extensive platform positioning us strongly to capitalise on the multiple growth opportunities available in a fragmented retail financial services market."
