FinTech Fluent Money Group has been acquired in a £72.7 million deal.
London-listed Mortgage Advice Bureau, which is headquartered in Derby, has swooped for the fast-growing mortgage and specialist lending intermediary.
MAB now owns 75.4% of Fluent, based in Horwich, Greater Manchester.
Fluent has formed strong relationships with aggregators – such as MoneySuperMarket – and other national lead sources operating across first charge, second charge and lifetime mortgages, as well as bridging loans where people are, for example, building a property.
With a model built on an end-to-end digital customer journey, supported by telephony advice, its MyFluent customer portal – developed in partnership with Sputnik Digital – allows for faster loan processing and messaging in a WhatsApp-style interface.
You can see this in operation below.
“We are very excited to partner with a like-minded management team and high growth intermediary that is a leader in centralised telephone mortgage advice,” said Peter Brodnicki, CEO of MAB.
“This acquisition is a perfect example of our strategy to invest in complementary businesses and platforms to help accelerate growth by broadening our proposition to access more customers.
“MAB has targeted the fast-growing sector of national lead generation by using technology to link together its key Appointed Representatives and invested firms seamlessly.
“Combined, we expect that Fluent and MAB will be able to grow this new market share opportunity quickly and effectively, complementing the local/regional strategy delivered by the rest of MAB’s growing distribution.”