Fintel snaps up Threesixty from Abrdn in £14.6m deal
Fintel, which offers specialised support for the retail financial services sector, has completed the acquisition of Manchester-based fintech Threesixty from UK asset management firm Abrdn.
Fintel acquires Abrdn’s Threesixty for £14.6 million
The deal will see Fintel buy 100% of the issued share capital in Threesixty for a gross upfront cash payment of £14.6 million.
Founded in 2003, Threesixty provides compliance and business support services to independent financial advisers (IFAs) and wealth managers, and currently claims to serve over 900 intermediary clients.
The firm offers a suite of online resources including direct helpdesk support, guidance, product and fund research, due diligence, and more.
Commenting on the acquisition, Neil Stevens, joint CEO of Fintel, says that Threesixty’s leadership team is “fully supportive of the acquisition and will remain with us to see it grow and develop”. He adds that the Manchester firm will continue to run as an “independent business with its own offerings and pricing in the market, alongside our existing businesses”.
Going forward, Stevens states: “We are confident we can further enhance services for Threesixty clients with joint investment in technology and will explore opportunities to make the benefits of our wider technology and data platform available over time.”
Threesixty is the latest addition to Fintel’s expanding portfolio. The company secured a 70% stake in ifaDASH for £500,000 in March following the dual acquisition of VouchedFor and AKG for a total of £9.1 million last November.
