Fintech full-year EBITDA up 5.6%

Fintech and support services firm Fintel reported full-year adjusted EBITDA of £20.5m, up 5.6% on last year, as it completed four mergers and acquisitions to increase scale.

The firm said it had seen sustained growth in its software as a service and subscription revenues, which now represent nearly two thirds if its core revenues, with growth of 11.5% in its software business and 24.9% in its distribution as a service revenues. Overall core revenues were up 0.3% to £56.6m.

During the course of the year, Huddersfield-based Fintel completed M&As with financial firms Competent Adviser, VouchedFor, AKG and MICAP to grow its scale, capabilities and intellectual property.

Since the year end it has acquired planning and advice specialist Synaptic Software, and financial events firm Owen James.

Matt Timmins, joint chief executive, said, “2023 has been a defining year for Fintel. We have delivered a resilient financial performance and significant progress against our strategy, which balances growth across our core activities, organic investment and complementary M&A.

“We are executing our strategy at pace, enhancing our service and technology platform, increasing our scale and reach, and strengthening our position at the heart of the UK retail financial services sector to inspire better outcomes for all.

“The cash-generative nature of our business, underpinned by our financial resources, positions us well to capitalise on the favourable market conditions for M&A, whilst delivering further organic growth and value to all of our stakeholders.

“In the new financial year to date, we are trading in line with expectations and remain well positioned to take advantage of opportunities in our market.”