Fintech firm Fintel, parent of Defaqto and SimplyBiz, has invested in new Planner tech business Plannr Technologies, a developer of a new customer relationship management (CRM) system for Financial Planners.

The investment - for an undisclosed amount - was made through Fintel Labs, a new Fintel venture designed to fund innovation in the sector.

The deal will give Fintel 25% of Plannr, which has been operating for more than a year with a test pilot group of advisers. 

Plannr has developed a CRM workflow system which requires limited training and is designed to be easy to onboard and operate.

Fintel Labs said the investment will support Plannr’s growth plans and roadmap, along with a planned integration with Financial Planning software Defaqto Engage.

Fintel said the integration will allow advisers to store customer data, create workflows, conduct Financial Planning, cash flow analysis, create suitability reports and publish to a dedicated customer portal.

Matt Timmins, joint chief executive of Fintel, said: “Plannr represents the best of modern thinking and cutting-edge development. The technology has been designed by advisers and crafted by the developers at Plannr to be intuitive, easy to use and infinitely scalable.

"Plannr’s powerful CRM capability has the potential to unlock important efficiencies, streamlining the advice journey and improving suitability for consumers.”

Software developer Gareth Thompson, Plannr founder and chief executive, said: "We are delighted to be working with Fintel as we develop the future of Financial Planning CRM. Fintel’s reputation for innovation and its market reach makes it a perfect partner as we refine and scale our offering to define a new era of Financial Planning CRM."

The deal is Fintel’s first acquisition since founder Ken Davy stepped down last month as chairman. He had set up the business as SimplyBiz in 2003.