Technology firm Fintel acquires Mortgage Brain for £38.4m
Fintel, the provider of technology, data and business support services to the UK retail financial services sector, has announced the acquisition of the remaining equity of Mortgage Brain Holdings Limited for £38.4m
Mortgage technology provider Mortgage Brain’s contracted customers are responsible for writing around 40 per cent of the UK's first charge residential and Buy to Let applications.
Fintel took an initial 5.8 per cent stake in Mortgage Brain in March 2024.
A spokesman said: “The acquisition strengthens Fintel's software and data division..and uniquely positions Fintel as a software provider spanning wealth, mortgage and multi-disciplinary advice firms.”
The spokesman said it would build on Mortgage Brain's two-way product integration with Plannr', the adviser operating platform in which Fintel holds a 49 per cent strategic stake.
As part of the transaction, Zahid Bilgrami, CEO of Mortgage Brain, will lead Fintel's software and data division.
A spokesman said this move would help to build on the successful growth of Mortgage Brain.
Matt Timmins, the chief executive of Fintel, commented: "Mortgage Brain is a high-quality software business with strong recurring revenues, attractive growth characteristics and a leading position in the UK intermediary market.
"The acquisition strengthens our software and data division, expands our capabilities across wealth, mortgage and multi-disciplinary advice firms, and increases the scale of our proprietary data assets.
Mr Timmins added: “Mortgage Brain's capabilities in AI (artificial intellgience) and advice quality review, together with its integration with Plannr, create additional opportunities across our software, services and enterprise markets.
He continued: “We are also delighted to welcome Zahid Bilgrami and his team to Fintel and look forward to working together as we continue to grow our software and data division.”