Thursday, 27 January 2022 10:52
Fintel returns to positive net cash position after re-focus
Fintech and support services firm Fintel - the owner of SimplyBiz - has returned to positive net cashflow helped by the sale of non-core businesses in 2021.
The firm reported a net debt of £19.4m in 2020.
The fintech’s net cash position for the year ended 31 December was £2.5m, according to a trading update released this morning.
AIM-listed Fintel, which owns adviser data provider Defaqto and adviser support firm SimplyBiz, the firm's previous name, sold its “non-core” Zest technology business for £10m in July.
Fintel also sold its Verbatim fund arm to Tatton Asset Management in September.
As part of the Verbatim sale, Fintel entered into a partnership to deploy up to 2,500 additional fintech licenses through Tatton.
Total revenue growth for the year ended 31 December for Fintel was marginally ahead of expectations at £63.9m (2020: £61m).
Core revenue growth rose 5% to £52.2m (2020: £49.8m).
Matt Timmins, joint-CEO of Fintel, said the fintech’s ESG strategy was a core part of its plans for 2022.
He said: “We have built a comprehensive ESG Strategy spanning Fintel Plc’s own requirements as well as those of our clients. This is core to our vision of creating better outcomes for all stakeholders.
“Our Defaqto ESG research platform has been expanded to cover 76 retail investment funds and our Digital ESG Client Profiler has been deployed to over 8,000 wealth managers and financial advisers.”
Fintel will release its full year financial results on 22 March.
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