Digitisation of core services accelerates progress at fintech company

Fintel, which provides Fintech and support services to the UK retail financial services sector, has reported a robust financial performance adding that it has made “significant strategic progress.”

The Huddersfield-based business has today published its audited results for the year ended 31 December 2021, which includes a 5% increase in total revenue, up £2.9m to £63.9m (FY20: £61m) and a 5% increase in core revenue – up £2.4m to £52.2m (FY20: £49.8m).

The company has also recorded a 6% increase in adjusted EBITDA – up to £18.3m (FY20: £17.3m) and a strong balance sheet with a £45m revolving credit facility, of which £38m remains undrawn.

Joint CEO, Matt Timmins, said: “Revenues, EBITDA and recurring income have all increased in line with expectations driven by organic growth, strategic enterprise partnerships and the expansion of our proprietary advice technology. We are well positioned for further growth.

“We have maintained earnings in line with our objectives during a year in which we have invested into our digital delivery and completed two strategic divestments.

“The rapid digitisation of our core business has significantly increased our quality of earnings, with SaaS and subscription revenues reaching 66% of total core revenue and continuing to grow across all three operating divisions.”

Click here to sign up to receive our new South West business news...