NEWCASTLE-based fintech company Allay has made a strong start to the year with the acquisition of rival ConnectedClaims.
Allay provides claims processing services to the claims management industry via its in-house developed web and app-based processing platforms and as part of the deal, will welcome all 16 members of ConnectedClaims’ staff to its Haydock office.
The acquisition marks a period of growth for Allay, which now has a total of 204 employees working across its centres in Newcastle, Haydock and Wales, and recently launched the first UK flight delay compensation app – airFair.
The growing company was founded in 2015 to develop technology for the claims management market, and this month handled its 1.3 millionth claim. Following the acquisition Allay will handle an increased number of claims in areas including flight delay, as well as those who have been mis-sold a number of different products and services, including; PPI, packaged bank accounts, timeshares, solar panels and alarm systems.
airFair allows users to check if they are eligible for compensation for any flight delayed for more than three hours within the EU in the past six years.
Using airFair, consumers only need their booking reference or flight number to launch a claim but even without that information, a check can be made using a departure date and destination airport using their free, no obligation flight checker.
Steven Bell, managing director of Allay, said: “With the launch of our new flight delay compensation app airFair, the timing was perfect to acquire ConnectedClaims. Rahul and the team at ConnectedClaims have years of experience in the flight delay claims market and will really add to the team.
“ConnectedClaims has an established introducer network in the flight delay market, as well as a strong online presence and a talented sales and processing team. Adding their flight delay claims volumes to those of airFair puts Allay in a strong position to become the largest flight delay compensation business in the UK in 2017.
“We plan to roll out the airFair brand into Europe in the second quarter of this year via further acquisitions and a continued development of our TV and online marketing strategy. We have an advantage over those already in the flight delay compensation marketplace because of our experience in handling large volumes of other claim types at Allay and the experience of the team at ConnectedClaims will only help this.”
Rahul Sharma, managing director of ConnectedClaims, added: ”ConnectedClaims and Allay have very similar cultures and it’s great to be working together. We’ve seen the flight delay compensation market expand massively in the past two years and Allay’s technology will help us to grow quickly. We’re really excited about what the future holds.”
airFair is available for iOS and Android and is free to download and use. For more information visit www.airfair.com