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Fintel continues to build its end-to-end platform

07:38, 28th June 2024
John Hughman
Vox Newswire

Fintel PLC (FNTL) Follow | FNTL has announced the conditional acquisition of threesixty Services LLP, a leading provider of business support and compliance services. The purchase from abrdn plc brings 900  financial advisers and wealth managers.

Neil Stevens, Joint CEO of Fintel, commented: "We believe that Fintel is the natural home for the threesixty team and clients. We have been committed to supporting professional advice firms for over 20 years, and our group aims to operate the strongest independent brands and most prestigious services, software and data offerings in the market."


The View from Vox

The acquisition of threesixty Services is small but significant, further demonstrating Fintel's credentials as the go-to consolidator in retail financial services infrastructure.

That's important as the group continues to execute its strategy of building an end to end platform for the intermediary industry, underpinned by the latest technology, and follows a busy 2023 when it completed four important strategic deals. This is the fourth deal so far this year.

In May 2024, Fintel reported trading in line with management expectations, with strong cash generation and continued progress against its growth strategy. The group had a gross cash position of £10.6m as of April 30, 2024, net debt of £0.4m, and £69m of headroom within its £80m revolving credit facility, positioning it well to capitalise on further growth opportunities and its strong M&A pipeline.

We expect near-term growth to be driven by ongoing software adoption across Fintel's customer base, further penetration across the wider market, synergies from recent acquisitions, and more M&A. Growth may be further accelerated by structural drivers, including regulatory pressure, the FCA Consumer Duty, and robust demand for technology and data. Additionally, with interest rates set to adjust positively in 2024, Fintel is well-positioned to benefit from a recovery in the mortgage market.

We spoke to joint CEO Matt Timmins about Fintel's recent progress and growth strategy in this interview


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