Fintel completed its acquisition of the remaining equity in Mortgage Brain Holdings on 23 October for £38.4 million net of cash acquired. It previously bought a 5.8% stake for £1.5 million in March 2024. The latest consideration comprises £28.9 million paid at completion and a non-contingent £9.5 million payment deferred for 18 months.[1]
Deal funding and forecast contribution
| Item | Disclosed amount or scope |
|---|---|
| Latest consideration | £38.4 million, net of acquired cashSource 1 |
| At completion / deferred | £28.9 million / £9.5 millionSource 1 |
| 2027 revenue forecast | About £12 million: £10 million software/data and £2 million eventsSource 1 |
| 2027 EBITDA forecast | About £3.8 millionSource 1 |
| Associated annual costs cited | About £2 million interest and £1.5 million amortisationSource 1 |
| Pro-forma leverage after acquisition | 2.54 times; expected below 2.5 times at year-endSource 1 |
Mortgage Brain provides sourcing, criteria, affordability, customer-management and mortgage-submission software. Its holding company also includes mortgage and protection publisher and events business AE3 Media. Fintel says customers using Mortgage Brain account for around 40% of UK first-charge residential and buy-to-let applications; that is a customer-use measure, not a claim that Mortgage Brain originates those loans.[1]
The acquisition builds on two-way integration with adviser platform Plannr, in which Fintel holds 49%. A renewed commercial partnership also supports AI workflow and productivity tools for more than 3,000 adviser licences. Mortgage Brain chief executive Zahid Bilgrami will lead Fintel’s Software & Data division. These arrangements give the transaction a specific integration agenda beyond the headline purchase price.[1]
Management changes announced alongside the deal
| Executive | Responsibility |
|---|---|
| Phil Smith | Becomes Executive Chairman, leading acquisition integration and back-office transformationSource 2 |
| Expected duration | 12–18 months, followed by an anticipated return to Non-Executive ChairmanSource 2 |
| David Thompson | Becomes Chief Financial and Operating Officer, adding central group functionsSource 2 |
| Matt Timmins | Remains CEO, with greater focus on enterprise sales and organic growthSource 2 |
Fintel expects the acquisition to enhance earnings after the disclosed interest and amortisation charges. Those costs are not deducted from the target’s £3.8 million EBITDA figure itself. Its leverage calculation includes drawn facilities, deferred consideration, cash and lease liabilities, so the 2.54-times measure is not simply the purchase price divided by target EBITDA.[1]
Sources & further reading
- Fintel plc: Acquisition of Mortgage Brain Holdings Fintel plc via RNS · 23 Oct 2026 · Accessed 26 Oct 2026
- Fintel plc: Directorate Changes Fintel plc via RNS · 23 Oct 2026 · Accessed 26 Oct 2026