Fintel PLC on Tuesday announced that it has signed a new distribution deal with Mortgage Brain Holdings Ltd.
The Huddersfield, England-based technology and support provider for the retail financial services sector said that under the agreement, Mortgage Brain’s customer relationship management, sourcing and submission software will be distributed to Fintel’s network of advisers through its Intermediary Services division, helping them to ‘efficiently source and place the best mortgage products for their clients.’
Fintel will also invest £1.5 million into Mortgage Brain in return for 5.8% of the current issued share capital of the company.
The investment for newly issued shares in Mortgage Brain will ‘allow Mortgage Brain to continue investment in its technology platform and enhance its service to lenders and intermediaries,’ Fintel commented.
Mortgage Brain is a Worcestershire, England-based technology provider to the mortgage industry. For the year ended March 31, 2023, Mortgage Brain had revenues of £13.2 million.
Chier Executive Officer Neil Stevens said: ‘Our new distribution agreement with Mortgage Brain will enable our members to access their leading mortgage sourcing and submission software as part of our integrated platform.
‘Our investment provides a significant cash injection to accelerate Mortgage Brain’s product transformation, enhancing its solutions and providing even greater efficiency to its customers, including Fintel’s extensive membership base.’
Shares in Fintel were up 4.9% at 267.44 pence each in London on Tuesday afternoon.
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