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SimplyBiz Group rebrands to Fintel with plans to add broker advice system

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  • 10/03/2021
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SimplyBiz Group rebrands to Fintel with plans to add broker advice system
SimplyBiz Group has rebranded as Fintel as it picks up the pace of digitisation, with plans to introduce a new workflow advice system for mortgage brokers.

 

 

The group has operated SimplyBiz Mortgages since 2004 and also runs a business under the Defaqto brand providing an end-to-end advice system for Independent Financial Advisers and wealth mangers.

“We are very keen to expand our technology offering into the mortgage space,” said Matt Timmins, joint chief executive at Fintel (pictured).

“The options available to us are to partner with an existing technology business, build our own, or acquire a business that does something similar. It’s front and centre of what we are doing and a big part of our strategy for 2021,” he said.

Fintel represents around 6,000 advisors in all, of which about 3,500 to 4,000 are mortgage brokers.

The group reported lending of £16bn last year, with results for 2020 out next week expected to improve on that figure.

“Already, almost 60 per cent of revenue comes as a result of Software As A Service and subscription income — through the sale of technology services. We are looking to further digitise the business as part of the strategy.

“We want to bring in new technology to the mortgage broking world and we want to have real collaboration with the technology pioneers — the likes of Uinsure and Mortgage Advice Bureau — to bring in technology to benefit the whole sector,” Timmins added.

The new brand would act as the group name, with SimplyBiz and Defaqto continuing to operate under the parent. The new branding has been presented on wearefintel.com.

Ken Davy, chairman at Fintel, added: “Through two decades, we have helped customers to operate compliant and successful businesses, and worked with them to stay ahead of he curve, as the market has rapidly evolved through new regulation and increased digitisation.”

“The time is now right to harness our knowledge, influence and excellence to help the market and our clients to operate more effectively,” Davy said.

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