Fintel, the provider of fintech and support services to the UK retail financial services sector, has announced the acquisition of Synaptic Software.
Synaptic services over 1.600 advisers, providing due diligence research, compliance tools, and software, including Pathways and Webline, which streamlines clients’ journeys.
The acquisition has been conducted through Fintel IQ, the business’s technology and knowledge platform, as an extension into ‘quote and apply’ workflows for insurance products. Fintel paid £3.5m net cash for the deal, with an additional £0.5m expenditure committed to development, to begin as soon as possible.
The acquisition is signed and expected to be completed in the coming months, subject to regulatory approval with the FCA.
Fintel chief executive Neil Stevens comments: “Synaptic brings many useful additions to our current capabilities, notably the extension of product research and ‘quote and apply’ workflows for protection insurance advice. We welcome Synaptic’s 1,600 users to Fintel and look forward to adding even more value in 2024 through our investment.
“Alongside its standalone software products, Synaptic has also developed a unique offering in Pathways; a native salesforce user interface for investment and protection advice that is particularly powerful for larger advice businesses. We will be investing in evolving the standalone products and bringing the Webline integrations to Defaqto Engage as a high priority.”
