Revenue growth stalled at 2% to £31.7m for fintech and support services firm Fintel for the half year ending 30 June.

The revenue growth in the first half was less than half of the 5% growth in revenue for the fintech in 2021.

Core revenue rose 9% year on year to £27.1m (HY21: £24.9m). Fintel said its growth in core revenues was driven by continued progress in converting existing revenues to distribution as a service. The firm said it has now converted 60% of its partner revenue.

The fintech, which owns Defaqto and SimplyBiz, saw strong growth in its fintech software revenue which rose 17% to £7.7m (HY21: £6.6m).

The firm’s product ratings revenue rose 12% to £4.2m (HY21: £3.8m).

Adjusted EBITDA, which is generally taken as a good measure of profitability, rose 5% to £8.7m for the half.

Adjusted profit before tax rose 15% to £6.9m (H121: £6m).

Adjusted earnings per share rose 29% to 5.3p.

The fintech and support services firm said it remains confident that it will meet its full year expectations, despite the wider climate of macro-economic uncertainty.

Matt Timmins, joint CEO of Fintel, said: “Fintel continues to benefit from changes in regulation and these regulatory tailwinds increase demand for both our services and fintech across our diverse customer base.

“The continued digitisation of our service model and scaling of our Fintech platform has been further strengthened by increased user adoption and development of new modules.”

Fintel hinted that it was on the hunt for acquisitions, saying that it currently has access to “significant financial resources to fund growth” through acquisitions. The fintech had £7.6m of cash at the end of the half, as well as a £45m revolving credit facility which is currently fully undrawn.

SimplyBiz rebranded as Fintel in March 2021, following its acquisition of fintech Defaqto and a greater focus on financial technology.