SimplyBiz’s revenue boost following Defaqto acquisition

SimplyBiz has experienced a revenue boost of nearly £12m – from around £51m to £62.8m – since the acquisition of fintech firm Defaqto, as well as an increase in their customer base of 50%. 

5,800 advisers from nearly 2,000 firms not previously involved with SimplyBiz use Defaqto. The fintech platform was purchased by SimplyBiz through a debt and equity raise last year. 

Neil Stevens and Matt Timmins, joint CEOs of SimplyBiz, said: “The key challenges for financial advisers are likely to centre on the need to develop their advice and business models to meet more complex client needs efficiently, while managing continued regulatory changes in their business.

“Product providers are responding as the regulator and the market continues to put downwards pressure on fees.

“We have seen, and anticipate a continuation of, consolidation in the product provider, asset manager and platform sectors of the market.”

In 2019, SimblyBiz’s pre-tax profits soared from around £4m to nearly £11m.