PriyaPatelTLDR:
- Fintech and support services firm Fintel reported full-year adjusted EBITDA of £20.5m, up 5.6% on last year.
- The company completed four mergers and acquisitions to increase scale and saw growth in software as a service and subscription revenues.
In a recent report by TheBusinessDesk.com, Fintel, a fintech and support services firm, announced a 5.6% increase in full-year adjusted EBITDA, totaling £20.5 million. This growth was driven by sustained increases in software as a service and subscription revenues, which now account for nearly two-thirds of the company’s core revenues. Fintel also reported a 0.3% increase in overall core revenues, amounting to £56.6 million.
Throughout the year, Fintel completed four mergers and acquisitions with financial firms Competent Adviser, VouchedFor, AKG, and MICAP, in addition to acquiring planning and advice specialist Synaptic Software, and financial events firm Owen James. Matt Timmins, joint chief executive of Fintel, expressed satisfaction with the company’s financial performance and strategic progress in 2023, highlighting the balance between core activities, organic investment, and complementary M&A.
Timmins emphasized Fintel’s commitment to executing its strategy efficiently to enhance service and technology capabilities, increase scale and reach, and strengthen its position in the UK retail financial services sector. He also highlighted the company’s cash-generative nature supported by financial resources, positioning them well to capitalize on the M&A market and deliver further growth and value to stakeholders.
Looking ahead, Fintel’s leadership remains optimistic about the new financial year, stating that the company is trading in line with expectations and well-positioned to take advantage of market opportunities. With a focus on agility, disruption, and strategic growth, Fintel continues to drive progress in the fintech industry and inspire better outcomes for all stakeholders.
