23rd Jan 2025 13:12
(Alliance News) - Fintel PLC on Thursday hailed its "strong pipeline" of future partnerships as it reported the first companies to begin utilising its new Matrix 360 software.
The Huddersfield, England-based provider of fintech and support services said its subsidiary, Defaqto Ltd, has partnered with six new companies following the release of its enhanced market intelligence software, Matrix 360,
It noted that this software currently supports over 80% of the UK's general insurance industry.
Fintel, formerly known as SimplyBiz Group PLC, acquired financial product and market intelligence firm Defaqto in 2019 for GBP74.3 million.
According to Fintel, its software is underpinned by Defaqto's financial product database, "the largest in the UK, covering general insurance, life and protection, retail banking, and wealth management." It covers more than 45,000 financial products and funds and is updated on a daily basis.
The initial customers for the enhanced software include Zurich Insurance Group AG, RAC Ltd, Frontier Insurance Solutions Ltd, National Farmers Union Mutual Insurance Society Ltd and QMetric Group Ltd.
Fintel expects the offering to bolster its organic revenue growth through enhancing Defaqto's customer acquisition and transitioning existing users to the enhanced software.
It also noted expansion plans beyond insurance, as well as "a strong pipeline of future partnerships".
Fintel shares were down 1.9% at 261.00p on Thursday afternoon in London.
Defaqto Chief Executive John Milliken said: "Defaqto Matrix 360 is an industry first, game changing tool that helps our partners make smarter product decisions through a single source of market intelligence and without the requirement of specialist skills in data science and AI.
"This is the first proof point from Fintel's extensive investment in a new generation of data products. There is much more to come, including the extension of Matrix 360 from the general insurance market to banking, wealth and protection."
By Christopher Ward, Alliance News reporter
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