Fintech and adviser support services firm Fintel, owner of SimplyBiz and Defaqto, has reported making “strategic progress” in a trading update published today.

The business said it has completed four complementary acquisitions and investments since the start of the year.

These included the acquisitions of Synaptic Software, Owen James and ifaDASH, alongside significant investment in Mortgage Brain.

In an update to the stock market Fintel said: “The group continues to execute against its strategy and is trading in line with the board's expectations.

“With our unaudited gross cash position of £10.6m as at 30 April 2024, net debt of £0.4m and £69m headroom within our £80m revolving credit facility, we remain well positioned to capitalise on organic growth opportunities and our strong M&A pipeline.”

In March Fintel reported a 0.3% rise in revenue to £56.6m for the year ending in December, up from £56.4m in 2022.

Today it said: “The board remains confident that Fintel's strategy will deliver sustainable long-term growth, underpinned by positive market dynamics and structural growth drivers including evolving regulation, FCA Consumer Duty and demand for technology and data.”

In March it revealed it had invested £1.5m in Mortgage Brain and acquired 70% of fintech ifaDASH for up to £1.5m.

That acquisition followed the group's investment in CRM entrant Plannr, announced last June.

Fintel acquired financial services event firm Owen James Events for up to £2.3m in January.

It acquired Synaptic Software from AdvancedAdvT Limited in a £4m deal in December.

Today’s trading update was published ahead of its AGM being held in Huddersfield this morning.

The company will publish its half year trading update in July and interim results in September.