Fintel will get a 5.8% stake based on the current share capital of Mortgage Brain.
The investment will allow Mortgage Brain to “continue investment in its technology platform to better serve lenders and intermediaries”.
Mortgage Brain’s sourcing, customer relationship management (CRM) and submission software will be available to Fintel’s thousands of advisers through its Simplybiz Mortgages subsidiary.
This will help them “efficiently source and place the best mortgage products for their clients”.
Simplybiz Mortgages will offer Mortgage Brain’s full range of products, which includes its three sourcing engines, along with to-be-launched CRM Brain and Submissions Brain.
Neil Stevens, joint CEO of Fintel, said: “Our new distribution agreement with Mortgage Brain will enable our members to access Mortgage Brain’s leading mortgage sourcing and submission software as part of our integrated platform.
“Our investment in Mortgage Brain will provide a significant cash injection to continue Mortgage Brain’s product transformation, bringing its solutions to the cutting edge of the industry and providing even greater efficiency to its customers, including Fintel’s members.”
Zahid Bilgrami, CEO of Mortgage Brain, said: “We’re delighted to partner with Fintel and bring our services to an even wider audience, driving better outcomes for advisers’ clients. Fintel’s investment will support us to achieve our ambitious transformation plans for the business and our products.”
Fintel is the parent company of Simplybiz and Defaqto. It has three core divisions: intermediary services division, distribution channels division, and fintech and research division.
Fintel’s intermediary services division reported a gross profit of £10.9m for 2023, a rise from £9.5m in the prior year.
