SimplyBiz Group, the adviser support company, has rebranded as Fintel following its acquisition of fintech Defaqto and a greater focus on financial technology.

SimplyBiz, set up by veteran IFA entrepreneur Ken Davy, acquired technology and data provider Defaqto in a deal worth a total of £74.3m in March 2019.

The name change to Fintel group takes effect immediately and subsidiary businesses within SimplyBiz will now form part of Fintel. 

Matt Timmins, joint CEO of Fintel, said: "In a new era of financial services, fuelled by increasing regulatory change and rapid digital adoption, we have evolved to become Fintel. 

“As we accelerate our reach with a digitised offering, we will continue to work in the best interests of the market to connect and enable product providers, intermediaries and consumers. We are committed to offering market-leading technology, expertise and insights, underpinned by a drive to simplify and improve retail financial services.

"The established brands within Fintel combine the UK's largest provider of support services to financial intermediaries in SimplyBiz with the UK's leading financial information, ratings and fintech business in Defaqto. It is our ambition to give the market the insights, interconnectivity and support it needs to adapt and evolve to its greatest potential. We are excited to evolve to become Fintel. We are Fintel.''

With effect from today trading in the company's ordinary shares on AIM will be under the name and new ticker "FNTL". The company's ISIN remains unchanged.  

No new share certificates will be issued and existing share certificates will continue to be valid.

The company says the change of name reflects the company's new focus and its desire to lead the UK retail financial services sector in providing financial data and intelligence “embedded” in digital technologies.

The company's website is at www.wearefintel.com and the company’s registered office has changed to Fintel House, St Andrews Road, Huddersfield, HD1 6NA.

Fintel will publish its full year results statement on Tuesday 16 March.

• Financial Planning Today Analysis: This name change seems superficial at first but represents, in many ways, a decisive and permanent move in the direction of fintech. Fintech is a hot sector with huge amounts of investment, particularly from private equity, are being pumped into the sector. Rebranding as Fintel may help the market and investors better understand what SimplyBiz does. While Financial Planning will always be a ‘human first’ business, financial services are increasingly being delivered online and the pandemic has accelerated this. SimplyBiz has been a successful support company but the acquisition two years ago of Defaqto underlined its intentions. Fintel plans to be a bigger player in the fintech space and, investors willing, further acquisitions and growth seem likely. However this may be more challenging than growth in the past. The sector is beginning to get crowded and competition for the best acquisitions may be stiffer and more expensive in future. The proliferation of online financial services may also drive down costs and put pressure on margins.