Fintel, the adviser software and data support company, has appointed current chair Phil Smith to be its new executive chair for up to 18 months.
The board has made the change to provide CEO Matt Timmins with more time to focus on the potential for “technology-led” solutions in the sector and integration of new businesses.
The news comes as Fintel announces today that it has acquired Mortgage Brain Holdings, a mortgage data company, for a total of £38.3m. Fintel acquired an initial 5.8% stake in Mortgage Brain in March 2024.
As part of his additional executive duties, Mr Smith, will lead the integration of the Mortgage Brain acquisition and will drive “broader transformation” across the business, with a focus on the acquired portfolio and back-office operations. Fintel has acquired numerous businesses in recent years including Defaqto, RSMR and AKG.
Mr Smith will use his previous experience as founder and group CEO of platform provider Embark Group to boost integration across the company.
Fintel says: “In his new role, Phil will be able to apply his considerable industry and operational experience as Fintel accelerates the development of integrated, technology-led propositions for financial intermediaries and product providers.”
Mr Smith’s appointment as executive chairman is expected to be for a period of 12 -18 months, after which the company expects Mr Smith to resume his post as non-executive chairman. It is expected that he will dedicate four days per week initially to the business, reducing over time.
Fintel says the reshuffle will create capacity for Matt Timmins, CEO, to, “further leverage his deep sector-expertise and extensive network to capture the growing market for modern technology-led solutions in the retail financial services sector.”
Mr Timmins will also increase focus on the development and expansion of the group’s enterprise sales pipeline to drive revenue.
To further support the plans, Fintel’s David Thompson, chief financial officer, has been appointed to the new role of chief financial and operating officer, and will take responsibility for centralised group functions including technology, IT infrastructure, human resources, legal and risk, alongside his existing CFO responsibilities. He will work with Mr Smith and Mr Timmins on the integration of Mortgage Brain and the upgrading of shared functions within the group to, “realise efficiencies and enhance capability across the business.”
Following these changes, the board will comprise three non-executive directors and three executive directors. The board is in the process of sourcing an additional independent non-executive director to add further balance, rigour and challenge to the board, it says.