Both FinPal and MiiiA provide business and client relationship management (CRM) services for financial services businesses and utilise Microsoft business applications, such as Dynamics 365, Power BI, Azure and PowerApps.
According to FinPal founder and CEO Stephen Handley, the decision to merge with MiiiA was “obvious”, given that the two companies share a similar history and philosophy.
“MiiiA’s history bares eerie similarities to our own. They were born within a financial services business that was frustrated with the limitations of legacy financial planning software systems. They recognised the need for a real CRM and so built their own on top of Microsoft’s Dynamics...
“[MiiiA’s] understanding of the link between data management and business improvement, choice of Microsoft as a platform, and heavy focus on the user experience aligns perfectly with FinPal’s philosophies,” Mr Handley said.
He added that both fintechs currently cater to the “growing” need within the financial services industry for data management automation, and that “both businesses have already achieved substantial growth” in doing so.
“But in the case of FinPal/MiiiA, the whole is very much greater than the sum of the parts,” Mr Handley said.
“And because of the common Microsoft platform, it will be a quick and painless exercise to integrate our product offerings.”
MiiiA CEO Daniel Hesketh added that the merger provides the company with certainty for its current customers, as well as opportunities for growth in other industries.
“Over the past 12 months, we’ve seen an increasing demand for our services from other industries,” Mr Hesketh said.
“Merging with FinPal will ensure our financial services customers’ future needs are met, while allowing us to explore similar opportunities in other industries under the MiiiA brand.”
The merger is expected to be completed by the end of Q3.
Rebrand to Fin365
FinPal also announced that its plans to rebrand to Fin365 will continue forward, with the new brand expected to launch to market by the end of the year (following the merger).
According to Mr Handley, the rebrand has been planned for some time; however, the merger with MiiiA provided the appropriate time to do so.
“While our current focus remains the Australian financial planning industry, we’ve seen a steady increase in opportunities in the broader financial services space and also outside Australia,” Mr Handley said.
“We feel the new brand is more reflective of where we’ll be in five years’ time.
“It also highlights our close connection to Dynamics 365 and Microsoft’s other technologies,” he said.
[Related: FinPal gains financial backing]