Fintech and adviser support services firm Fintel, owner of SimplyBiz and Defaqto, has established a joint venture with Indian AI fintech Intellect Design Arena Limited.
The link-up is designed to establish a joint venture company to commercialise an AI-led financial advisory platform for the UK market.
The 50:50 joint venture will be incorporated in the UK, subject to regulatory approvals, and both parties plan to invest up to £5m in it, according to a stock market update.
Intellect Design Arena is listed on the National Stock Exchange of India and works with financial institutions in 57 countries.
Matt Timmins, chief executive officer of Fintel plc, said: “Intellect brings world-class AI-first financial technology that has been proven at scale across global markets. Combined with our UK distribution, customer relationships and proprietary data assets, we believe the joint venture has the potential to materially enhance the quality and accessibility of financial advice in the UK.”
Fintel today also confirmed that profits grew 17% last year to £25.9m, up from £22.2m in 2024. The figure was published as part of the firm’s audited consolidated results for the year.
The firm said revenue climbed 10% to £85.9m, up from £78.3m, confirming the figures first published in a trading update in early February.
The company said the positive results were down to a successful organisational transformation with the consolidation from three divisions into two, and appointment of new, experienced divisional leadership.
Mr Timmins said 2025 had been “a defining year.”
He said: “Our ambition is clear: to build the most connected, insight rich and intelligent platform in the sector, enabling better decisions and better outcomes across the entire advice ecosystem.
“We have entered the new financial year with clear strategic momentum, high levels of recurring revenues and a stronger platform enabling opportunities for organic growth, underpinned by deep customer relationships.”
• Financial Planning Today Analysis: Fintel's development of a new AI-based financial advisory platform is a bold attempt to utilise AI technology and it's putting significant money behind it. Few details are available yet but many industry watchers will be keeping a close eye on the plans, particularly as the FCA's Targeted Support gateway is close to opening and will likely use AI tech. The future of financial advice / guidance, particularly for the mass market, may well rest on opening up the benefits of AI but it's early days yet and it's hard to see this damaging traditional, human-based Financial Planning.