Simplybiz acquires financial adviser platform Defaqto for £74m

Jessica Clark
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Defaqto chief executive Zahid Bilgrami

Simplybiz has acquired financial adviser fintech firm Defaqto for £74.3m.

Shares in AIM-listed Simplybiz, a compliance and business services provider, rose more than four per cent on the news.

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The combination will create a single fintech and support services group, and the acquisition is expected to enhance earnings during the first year, the company said.

Neil Stevens and Matt Timmins, co-chief executives of Simplybiz, 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.”

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Defaqto chief executive Zahid Bilgrami added: “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."