Fintel reports strong performance from Simplybiz Mortgages

(Sharecast News) - Fintel reported strong performance from its subsidiary Simplybiz Mortgages in an update on Wednesday, flagging increased market share and total lending in 2024, outperforming a contracting mortgage market. The AIM-traded firm said that according to figures published alongside its full-year results, Simplybiz Mortgages' market share rose to 4.68% in 2024, up from 4.5% in the prior year.

Total lending through the platform increased 3.72% to £23.7bn, compared with £22.85bn in 2023.

The growth came in contrast to a 0.86% decline in the overall mortgage market during the year, Fintel reported.

"We're pleased to report such positive performance from Simplybiz Mortgages, especially in the midst of a cautious, but recovering, market," said chief executive officer Martin Reynolds.

"The whole team works hard to ensure we listen to feedback from our members and provide solutions that help them deliver the best service to their clients.

"This year-on-year growth is indicative of our position at the forefront of the sector, and our objective of delivering better financial outcomes to all."

At 1205 BST, shares in Fintel were down 1.36% at 218p.

Reporting by Josh White for Sharecast.com.