- UK-based Fintel, a provider of fintech and support services for the retail financial services industry, has acquired a 70% stake in fintech start-up ifaDASH.
- The acquisition is valued at £500,000 initially, with the potential for up to £1 million in additional contingent cash consideration based on ifaDASH meeting specified profitability and revenue targets over the next year.
- Fintel also has a two-year option to purchase the remaining 30% stake in ifaDASH for an agreed multiple of EBITDA.
- The acquisition was made through Fintel’s technology and knowledge platform, Fintel IQ.
- ifaDASH offers a tech solution that integrates front and back-office CRM data, along with details of vulnerable clients, onto a unified platform to help firms monitor, control, and grow their business while ensuring compliance.
- The acquisition supports Fintel’s strategy to strengthen its CRM capabilities, following its recent investment in CRM entrant Planner.
- Additionally, Fintel has announced a new £1.5 million distribution agreement and investment in Mortgage Brain, a mortgage technology firm, allowing Fintel’s clients access to Mortgage Brain’s mortgage sourcing and submission software through Fintel’s platform.
- Fintel has been actively acquiring fintech companies, with previous acquisitions including VouchedFor and AKG in November 2023 for a total of £9.1 million.
