Manchester fintech firm bought by Newcastle rival

MANCHESTER-based claims management company ConnectedClaims has been acquired by a rival firm for an undisclosed sum.

Fintech company Allay, based in Newcastle, provides claims processing services to the claims management industry via its in-house web and app-based processing platforms and employs around 200 staff across its offices in Newcastle, Haydock and Wales.

It says the purchase marks a period of growth for Allay, which recently launched its airFair app, allowing users to check whether they are eligible for compensation for any flight delay within the EU in the past six years.

The acquisition is expected to add around £5m in turnover for Allay, which is moving all 16 members of ConnectedClaims’ staff to its Haydock office.

Rahul Sharma, managing director of ConnectedClaims, said: “We’ve seen the flight delay compensation market expand massively in the past two years and Allay’s technology will help us to grow quickly. We’re really excited about what the future holds.”

Steven Bell, managing director of Allay, said: “With the launch of our new flight delay compensation app airFair, the timing was perfect to acquire ConnectedClaims. Rahul and the team at ConnectedClaims have years of experience in the flight delay claims market and will really add to the team.

“ConnectedClaims has an established introducer network in the flight delay market, as well as a strong online presence and a talented sales and processing team. Adding their flight delay claims volumes to those of airFair puts Allay in a strong position to become the largest flight delay compensation business in the UK in 2017.

“We plan to roll out the airFair brand into Europe in the second quarter of this year via further acquisitions and a continued development of our TV and online marketing strategy. We have an advantage over those already in the flight delay compensation marketplace because of our experience in handling large volumes of other claim types at Allay and the experience of the team at ConnectedClaims will only help this.”

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