Fintel has purchased VouchedFor and AKG for a combined total of £9.1mn.
VouchedFor provides reviews on a wide range of services, including financial advisers, mortgage advisers, solicitors, and accountants.
Fintel said the purchase of VouchedFor would increase consumer confidence and access to advice.
It currently has over 5,000 paying members and over 350,000 client reviews.
Following the acquisition, its leadership and team will remain in place and work alongside the Fintel management team to play a “crucial” role in expanding the reach and services of Vouchedfor.
The acquisition was for £7.5mn and is in line with the company’s strategy to improve the retail financial services market, promote the value of financial advice, and increase consumer confidence and trust.
Alex Whitson, managing director of VouchedFor, said: “I am thrilled that we have found a partner who shares our commitment to championing the value of advice - a mission that is crucially important.
“Our technology makes it easier for advisers to deliver and showcase great client experience, enabling the public to get the help they need.
“Fintel’s investment will enable us to accelerate our growth, launch more services for advisers, and enhance our client offering.”
AKG
Meanwhile, Fintel acquired AKG for £1.6mn in an effort to extend its portfolio of ratings and reviews for financial services and investment professionals.
Fintel said AKG is "a market leader" in the independent assessment and rating of financial strength for a range of entities including life companies, investment platforms and discretionary fund managers in the UK.
The deal will extend AKG’s reach to more than 10,000 advisers served by Fintel.
The transaction will also enable Fintel-owned Defaqto to expand and deepen its relationships within the investment management and financial advice communities.
Defaqto will invest in AKG and draw on resources from across Fintel to accelerate distribution of its proposition, both within the sectors that it currently operates and adjacent areas.
Guy Vanner, managing director at AKG, said: “AKG has specialised in company assessment work for over 30 years and has become synonymous with the assessment of operational financial strength from the perspective of end customers, for use by their advisers.
“We are now excited to be able to further expand the delivery of our existing and new ratings and reviews to new and existing customers with the assistance of Defaquto and within the broader Fintel group.”
Additional perspective
Additionally, Ian McKenna, founder of AdvisorSoftware.com, said: “These latest acquisitions of very different companies by Fintel bring exceptional assets into the business.
“VouchedFor have carried out groundbreaking work with their Elevation service to help adviser firms understand the behaviour that best attracts new clients. This enables them to measure the effectiveness of different individuals and firms in securing new clients.
“AKG have been seen as the 'go to' actuarial firm when it comes to understanding the financial strength of UK insurance and investment providers for many years.”
