Macclesfield-based fintech firm plans to double revenue in US

One of the country’s fastest-growing financial services technology groups has revealed ambitious plans to double its revenues in the American loans market after its US turnover grew to $4.7m in just two years.

Related topics:  Finance News
Amy Loddington
2nd September 2014
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Quintessential Finance Group, the parent company of Pingtree UK and Pingtree USA, has seen turnover swell in the 24 months since it started operating out of New York. At the core of its operations is the firm’s Pingtree technology, which plugs financial businesses and websites into an entire market of lenders or insurance providers.

This technology, alongside teaming up with new lenders such as LendUp, has helped secured it a 6% share of the $32 billion online lending market.

It now plans to use its technology and successful UK expansion into other financial products to capitalise on this foothold, and says the success of its US operations proves there is significant commercial value yet to be mined from operating in America.

Greg Cox, co-founder and CEO, said the key to their success is their ability to adapt and change:

“The US and UK markets are very different and the US is a real opportunity for us. The US has an established and sizeable lending market but it is dominated by physical lending institutions, mostly credit unions. While there has been a significant shift towards online lending they are still behind the UK in online adoption in some respects, so there was opportunity for us to offer an established model in a growing part of the lending market.

“We’ve developed technology that allows us the flexibility to set up and customize specific campaigns for lenders far quicker than anyone else. The technology also means the overall performance of Pingtree is faster and more reliable.”

“There is huge potential for us to grow because of the unique strengths of our offering. As well as continuing to provide a reliable and quality offering for lenders we are also assessing opportunities to expand into other verticals of the US credit space. In the immediate future, we expect to see further growth in both our new personal loan offering as well as our existing online and short-term verticals.

“Given the size of the American market compared to the UK, our long-term aim is for the business in the US to be bigger than the UK. Ideally we would like to own similar market share percentage on either side of the pond.”

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