Fintel has announced the acquisition of Mortgage Brain Holdings as it looks to strengthen its software and data division and expand its presence in the mortgage market.

Mortgage Brain provides sourcing, criteria, affordability and submission solutions that connect advisers and lenders through the mortgage journey. Combined with Fintel’s broader software, data, compliance and adviser support capabilities, the acquisition is set to create opportunities to accelerate innovation, improve adviser productivity and strengthen connectivity across the intermediary market.

Fintel believes the future of financial advice will be built on connected specialist applications that work seamlessly together.

The provider of software, data and support services to the retail financial services sector added that by improving data connectively and reducing the need for rekeying information, advisers can spend "less time on administration and more time supporting clients".

Under the deal, Mortgage Brain CEO, Zahid Bilgrami will continue to lead the firm, as well as take on an enhanced role within Fintel as CEO of its software and data division.

Fintel will continue to invest materially in the development of technology by Mortgage Brain, supporting the fast-paced development of AI solutions.

CEO at Fintel, Matt Timmins, said: "Mortgage Brain is a highly respected technology business with deep industry relationships and a long history of innovation. Combined with our existing Software & Data capabilities, it represents another important step towards delivering our mission to build the platform and infrastructure powering the future of retail financial services.

"I am particularly pleased to welcome Zahid Bilgrami to Fintel’s leadership team. Zahid’s return to Defaqto, alongside his continued leadership of Mortgage Brain and our wider Software & Data division, creates a unique opportunity to bring together some of the most respected technology and data businesses in UK retail financial services under a shared vision for growth, innovation and adviser success."

Bilgrami concluded: "Mortgage Brain has built one of the most recognised and trusted technology platforms in the UK mortgage market, helping advisers, lenders and networks work more effectively through deep industry expertise, strong customer relationships and innovative solutions. Joining Fintel marks an exciting new chapter for our business, our people and our customers.

"The mortgage market continues to evolve rapidly, creating new opportunities to simplify processes, improve connectivity and deliver better experiences for advisers and consumers. By combining Mortgage Brain’s capabilities with Fintel’s broader software, data and regulatory expertise, we are bringing together complementary strengths that create a powerful platform for growth, innovation and customer value.

"Having previously led Defaqto, I am delighted to be returning to the business and taking on the wider leadership of Fintel’s Software & Data division."

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