Fintech company Fintel today (16 July) said it is to acquire fund research and rating agency Rayner Spencer Mills Research (RSMR) subject to regulatory approval.

RSMR, established in 2004 will become part of Defaqto, a financial data agency which already a part of the Fintel group.

John Milliken, CEO at Defaqto, said: “Defaqto is rapidly expanding through a combination of organic growth and acquiring some of the most highly regarded businesses that have clear adjacencies in terms of capabilities and customers.

"Last year we added AKG and MICAP to the business and they have already made significant contributions to the growth of Defaqto. RSMR is another strategically important acquisition, adding industry expertise, insight and data that is complementary to Defaqto’s. We look forward to working with the talented team at RSMR to invest in the business and make it an even greater success in the future, enabling more people to make smarter financial decisions.”

Ken Rayner, CEO at RSMR, said: “We are absolutely delighted to become a part of Defaqto and Fintel. Joining together with Fintel will allow us to promote our services to a much broader base through the Group’s complementary businesses and leading brands.

"I have personally worked with the management team at Fintel for over 15 years and have huge admiration for the business they have built and their unwavering focus on the intermediary market. We look forward to bolstering our existing team with the additional resources and scale that Fintel will bring.”

Matt Timmins, Joint CEO of Fintel, said: “I have worked with Ken, Geoff and the team at RSMR for a long time and hugely admire their research methodology, independence and dedication to the market. Their history, pedigree and ambition will add significantly to our business and I am delighted that they have chosen Defaqto and Fintel to support their next period of growth.”

Fintel has already acquired eight companies in the past year including AKG, VouchedFor, Competent Adviser, Micap, Synaptic, Owen James, ifaDASH and threesixty.