Fintech firm to create 200 jobs after tripling profits

Fintechfirm Allay, which has offices in Manchester and Haydock, is to create around 200 jobs while eyeing up further acquisitions after seeing profits treble to £3m last year.

The company, which has developed technology for claims handling, also saw its turnover rise from £7m to £15m in 2016.

Following the acquisition of rival firm Manchester-based flight delay compensation specialists ConnectedClaims in January 2017, the company’s ambitious growth plans have been unveiled with an aggressive acquisition strategy and predictions that staff numbers will surpass 400 by the end of the year.

Since forming in 2015, Allay has grown both its team and offices across the UK – currently with four centres including Manchester, where it employs 26 staff, Haydock, which has a 13 strong team, and Newcastle and South Wales.

The company’s innovative tech platforms deal with thousands of claims a month for those who may have been mis-sold a number of different products and services, including; PPI, packaged bank accounts, timeshares, solar panels, alarm systems, as well as flight delay compensation.

Allay says it has now handled more than 1.5 million consumer claims both direct to the public and as a solutions provider to the financial services, travel and legal sectors.

Steven Bell, managing director of Allay, said: “It’s been a great year for Allay and we are in a fortunate position to have clear visibility of further 100% topline growth this year, with our profits also holding firm at 300% growth.

“The FCA recently announced a deadline on PPI claims which means consumers have just two and a half years to reclaim what is rightfully theirs. This deadline, coupled with an expected large scale public information campaign, means that there will be even more demand and therefore some consolidation in the claims management space as smaller operators decide they want out. We have the investment funds raised along with the technology and infrastructure to manage exponential growth of claims transactions and we are already talking to several mid-sized claims firms about acquisition.

“Our technology team, Allay Logic, gives us a real edge over our competitors by allowing us to continually test and develop new platforms, whilst our main eco-system is built to process large volumes of claims in a variety of sectors, so we are geared both for more growth now and new opportunities ahead.”

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