Fintel acquires an initial 70% stake in UK start-up ifaDASH
UK-based Fintel, which provides specialist fintech and support services for the retail financial services industry, has announced the acquisition of fintech start-up ifaDASH.
Fintel buys 70% stake in ifaDASH
The deal will see Fintel acquire an initial 70% stake in ifaDASH for £500,000, with the potential for up to £1 million in additional contingent cash consideration dependent on the firm meeting specified profitability and revenue targets over the next year.
Fintel also has a two-year option to purchase the remaining 30% stake in the Southampton-based fintech for an agreed multiple of EBITDA.
The acquisition was facilitated through Fintel’s technology and knowledge platform, Fintel IQ.
Described as filling a “clear and genuine gap” in the sector by Fintel joint CEO Neil Stevens, ifaDASH offers a tech solution designed to integrate front and back-office customer relationship management (CRM) data, along with the details of vulnerable clients from various systems, onto a unified platform, helping firms to monitor, control, and grow their business while ensuring compliance requirements are met.
The deal further supports Fintel’s strategy to strengthen its CRM capabilities, following the firm’s recent investment in CRM entrant Plannr.
In addition, Fintel, established in 2002, has also revealed a new £1.5 million distribution agreement and investment in Mortgage Brain, a mortgage technology firm. The move will enable Fintel’s clients to access Mortgage Brain’s mortgage sourcing and submission software through Fintel’s platform.
Fintel has made a series of fintech acquisitions over the last year, including snapping up VouchedFor and AKG last November for a total of £9.1 million.
