Fintel makes investments into Mortgage Brain and ifaDASH

Financial services group, Fintel, has announced new investments into mortgage tech provider, Mortgage Brain, and reg-tech provider, ifaDASH.

Both transactions, financed from Fintel's existing financial resources, are in line with Fintel’s strategy, which balances growth across our core activities, organic investment and complementary M&A.

As part of its latest investments, Fintel, the parent company of SimplyBiz and Defaqto, has announced a new distribution agreement with Mortgage Brain and an investment by Fintel of £1.5m in return for 5.8% of Mortgage Brain’s current issued share capital.

Under the new agreement, Mortgage Brain’s CRM, sourcing and submission software will be made available to Fintel’s wide network of advisers via the group’s intermediary services division, helping them to efficiently source and place mortgage products for their clients.

“Our new distribution agreement with Mortgage Brain will enable our members to access their leading mortgage sourcing and submission software as part of our integrated platform,” Joint CEO of Fintel, Neil Stevens, said.

“Our investment provides a significant cash injection to accelerate Mortgage Brain’s product transformation, enhancing its solutions and providing even greater efficiency to its customers, including Fintel's extensive membership base.”

Fintel has also completed the acquisition of ifaDASH, a reg-tech solution that assists intermediaries with running an efficient, compliant business. The acquisition was made through Fintel IQ, complementing its existing CRM software.

As part of this deal, Fintel has taken an initial 70% stake in ifaDASH, for an upfront cash consideration of £500,000 – with up to £1.m of contingent cash consideration based on certain revenue and profitability targets being achieved in the next 12 months.

Fintel also has the option to purchase the remaining 30% equity in the business over the next two years for an agreed multiple of EBITDA.

“We are also delighted to acquire ifaDASH today, as we seek to continue to enhance our CRM capabilities,” Stevens added.

“CRM is critical to our wide network of intermediaries as it improves their efficiency and reduces the regulatory burden, allowing them to focus on generating better outcomes for their clients.”

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