26 March 2024
Fintel, the leading provider of fintech and support services to the UK retail financial services sector, and Mortgage Brain, a leading technology provider to the mortgage industry, have today announced a new distribution agreement and an investment by Fintel of £1.5m in return for 5.8% of the current share capital of Mortgage Brain Holdings Limited (“Mortgage Brain”).
Under the new agreement, Mortgage Brain’s sourcing, CRM and submission software will be made available to Fintel’s thousands of advisers via its SimplyBiz Mortgages subsidiary, helping them to efficiently source and place the best mortgage products for their clients. SimplyBiz Mortgages will offer Mortgage Brain’s full suite of products including its three sourcing engines, plus its soon to be launched CRM Brain and Submissions Brain via Mortgage Brain Hub.
Fintel has made a cash investment of £1.5m in return for newly issued shares in Mortgage Brain Holdings Limited to enable Mortgage Brain to continue investment in its technology platform to better serve lenders and intermediaries.
Both parties will be announcing their joint initiatives during the coming months.
Neil Stevens, Joint CEO of Fintel plc, said:
“Our new distribution agreement with Mortgage Brain will enable our members to access Mortgage Brain’s leading mortgage sourcing and submission software as part of our integrated platform.
Our investment in Mortgage Brain will provide a significant cash injection to continue Mortgage Brain’s product transformation, bringing its solutions to the cutting edge of the industry and providing even greater efficiency to its customers, including Fintel’s members.”
Zahid Bilgrami, CEO of Mortgage Brain, said:
“We’re delighted to partner with Fintel and bring our services to an even wider audience driving better outcomes for advisers’ clients. Fintel’s investment will support us to achieve our ambitious transformation plans for the business and our products.”