Fintel reveals £3.5m acquisition of Synaptic Software

Fintel has acquired Synaptic Software for £3.5m with an additional £500,000 expenditure "committed to development".

Synaptic services over 1,600 advisers, providing due diligence research, compliance tools, and software, including Pathways and Webline, "which streamlines clients' journeys".

The acquisition is through Fintel IQ, the business' technology and knowledge platform, as a key extension into ‘quote and apply' workflows for insurance products.

The acquisition is signed and expected to complete in the coming months, subject to regulatory approval with the Financial Conduct Authority.

Fintel co-chief executive Neil Stevens said: "Synaptic brings many useful additions to our current capabilities, notably the extension of product research and ‘quote and apply' workflows for protection insurance advice.

"We welcome Synaptic's 1,600 users to Fintel and look forward to adding even more value in 2024 through our investment.

"Alongside its standalone software products, Synaptic has also developed a unique offering in Pathways; a native Salesforce user interface for investment and protection advice that is particularly powerful for larger advice businesses. We will be investing in evolving the standalone products and bringing the Webline integrations to Defaqto Engage as a high priority."

Synaptic is the fifth business acquired by Fintel this year.

The firm recently completed the acquisitions of VouchedFor and AKG as it "continues the expansion" of its platform.

The acquisitions are expected to broaden Fintel's services to the advice market through its technology and regulatory services platform.