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In a nutshell, it's difficult to overstate what a positive catalyst I think this could be for Redfin, as the only tech-focused brokerage that has been actively looking to disrupt the traditional feestructure. If profitability keeps improving, it could be a big win for investors.
The increase in fee income from the prior year was primarily driven by higher closing fees on new and follow-on investments, partially offset by a decrease from accelerated amortization and an exit prepayment and amendment fees, driven by investment activity.
This was driven by margin enhancement following cloud business restructuring, emerging high-quality revenues, including video accounts e-commerce technology service fee, structural shift toward high-margin products within fintech services, and our efficiency initiatives. Gross margin for fintech and business services was 43.9%, up 10.3
In this scenario, servicing suffers from higher amortization expense. Any idea for the sense of target assets under management and the feestructure and then how that will flow through the P&L once it's up and running? Kyle Joseph -- Jefferies -- Analyst Hey, good morning. Thanks for taking my questions.
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