Fintel, a Yorkshire-based fintech company, has seen a remarkable increase in revenue by over 13% this year.
This growth is attributed to the company’s strategic acquisitions and expansion initiatives, which have solidified its position in the financial technology sector.
Fintel’s revenue has experienced significant growth, exceeding 13% this year, as the company pursued an aggressive acquisition strategy. The company’s revenue for the first half of the year reached £31.2 million, with a core adjusted EBITDA of £9.3 million. This reflects a positive trajectory in financial performance, highlighting the success of its expansion plans.
Over the past 12 months, Fintel has acquired nine companies, including Rayner Spencer Mills Research and Threesixty Services.
The strategic acquisition of a 70% stake in reg-tech firm ifaDASH exemplifies Fintel’s commitment to enhancing its service offerings and capabilities.
With these acquisitions, Fintel’s gross cash was reported at £7.4 million, contrasting with £13.3 million last year.
Investment and acquisition costs totalled £6.2 million, alongside £5.2 million spent on product development, indicating a focused investment approach.
Additionally, Fintel reported £64 million in available funds within its £80 million revolving credit facility, reflecting a net debt of £8.6 million.
Joint CEO Matt Timmins expressed optimism about 2024’s start, citing strategic expansion and trading momentum as key factors.
According to Timmins, the expansion of Fintel’s service and technology platform is aimed at improving the UK retail financial services market.
Fintel’s diverse proposition and solid market drivers are expected to fuel ongoing growth and strategic advancement.
The company’s focus on efficiency and customer satisfaction positions it well for sustained success.
Recurring revenue streams provide a stable foundation for Fintel’s ongoing progress.
Fintel operates within a dynamic fintech landscape, where adaptability and innovation are crucial.
The company’s strategic acquisitions align with broader market trends, enhancing its competitive advantage.
Fintel’s financial stability is underscored by its careful investments and strong cash position.
Fintel’s strategic acquisitions and financial prudence have set the stage for continued growth in the fintech sector.
The company’s commitment to enhancing its service offerings and maintaining financial stability positions it for ongoing success.
