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The fintech and support services business Fintel (FNTL ) has secured a multi-year agreement with Aviva and Aviva Investors which will see the group distribute its service (Daas) solution.
Launched earlier this year, the service (Daas) solution is a subscription-based managed distribution solution that includes research, data, product design and targeted distribution.
The solution, which was the latest innovation from Fintel since it bought the fintech business Defaqto, enables product providers to develop and distribute highly targeted propositions, ‘whilst also increasing the effectiveness of their distribution through targeted data sets.’
As part of the collaboration, Aviva Investors, the global asset management business of Aviva which holds around £356bn assets under management, will launch a new sustainable retirement solution, answering the regulatory call for downside protection in retirement.
The distribution solution has been developed in partnership with Fintel, optimally aligning product design to Defaqto's income drawdown tool and ESG specifications, it reported.
Fintel's SimplyBiz members firms will also experience enhanced product inventory and streamlined access to information and resources from across Aviva and Aviva Investors. It noted that consumers will receive ‘better targeted products that meet their evolving needs.’
Shares in Fintel have increased by over 25% in value since the beginning of the year. This morning, the stock was trading 0.46% higher at 217.5p following the announcement.
In addition, Aviva Investors has also licensed Fintel's strategic asset allocation model for both the new retirement fund and existing model portfolio solutions. Addressing shareholders, the Company said this will further align the long-term revenue and growth of the businesses.
Matt Timmins, Joint CEO of Fintel, said: "I'm delighted that Aviva has chosen to strengthen our relationship by joining our managed distribution service. As a market connector, Fintel brings together product providers, intermediaries and consumers to inspire better outcomes for all, and this partnership is testament to what can be achieved through industry collaboration. I look forward to seeing the immense benefits this presents to all involved.''
Brian Gabriel, Director of Distribution at Aviva, added: "Aviva is hugely committed to supporting the UK's intermediary market and we're delighted to partner with Fintel.
Gabriel said this agreement will allow the business “to build, support and deliver its savings and retirement ambitions in conjunction with Fintel, its member firms and their customers.”
Apiramy Jeyarajah, Head of UK Wholesale at Aviva Investors, said: “This agreement represents a partnership based on deep understanding of the SimplyBiz membership and their clients' needs, based on Fintel's insightful data and leading technology-based approach.
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