Headquartered in Haddenham, Defaqto operates a fintech platform for 8,500 advisers and offers independent ratings of 21,000 financial products and funds that are licensed by 230 brands.
The financial services technology business has developed an IT platform and infrastructure that can support large database of financial products across Europe. It offers unique information and insights to help financial institutions, financial advisers and consumers come up with better informed decisions.
Through the acquisition of Defaqto, SimpyBiz aims to create a single fintech and support services group, which it says will benefit from a growing number and variety of distribution channels.
Defaqto is expected to help SimpyBiz in advancing its services into the banking and general insurance markets.
SimplyBiz will offer the Haddenham-based firm access to its knowledge and experience pertaining to the advisory and asset management markets.
SimplyBiz joint CEOs Neil Stevens and Matt Timmins said: “The combination of the largest provider of outsourced regulatory and business support to the retail financial services market, with one of the leading providers of financial information and technology, will create a market leading platform across Retail Financial Services.
“Collectively the two businesses will work to enhance our proposition to the Banking and General Insurance sectors whilst continuing to invest in the leading fintech platform.”
SimplyBiz said the acquisition is subject to conditions like admission of the new ordinary shares to be issued under the institutional placing and the trading of the consideration shares on AIM.
Defaqto CEO Zahid Bilgrami said: “We are absolutely delighted with SimplyBiz’s decision to acquire Defaqto. It opens an exciting new chapter in our development as a leading financial information business, and we look forward to the many opportunities that being part of a larger Group will present.
“While it will enable us to continue operating in an independent and autonomous manner, it will also carry many advantages of being a part of a listed entity. It will enable us to develop new technology faster, and thus continue to develop market-leading products for our clients at a time of vast technological change in the Financial Services sector.”
