Fintel (FNTL ) announced today a new deal with M&G, a London-based global investment company. M&G has signed a multi-year subscription to Fintel's Managed Distribution Service (MDS) for use in its retail and savings divisions, mainly Pru UK and M&G Investments. The new contract builds on an existing 15-year relationship between the two companies.
Fintel, a provider of fintech services to the British financial services sector, has grown its business substantially over the past year. SaaS/subscription-based services such as MDS now account for 66% of Fintel's revenue, which grew by £2.9m in 2021, ahead of expectations. The MDS service utilises behavioural and product data collected by Fintel to better tailor products for end-customers, effectively acting as an intermediary.
The M&G contract adds to an impressive list of over 20 major financial companies that already use Fintel's MDS service. Among these are Fidelity, Aviva, Just, Guardian, Schroders, BMO, Premier Miton, Carmignac, and Tatton.
Matt Timmins, CEO, commented:
"I am delighted to announce Pru UK and M&G Investments as our latest MDS partners, strengthening our joint commitment to providing the best quality, most relevant support to the financial services intermediaries who use Fintel's services. Fintel operates as an industry connector to improve and simplify this complex market and achieve better outcomes for all.
Our Managed Distribution Service provides a valuable subscription offering for our customers - some of the largest names in the industry - and continues to enhance the quality of our earnings."
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