Quint raises £10m to fund recapitalisation
Macclesfield-headquartered fintech Quint Group has secured a £10m financing deal to fund its recapitalisation.
The senior debt facility with Tosca Debt Capital sees founder and chief executive Greg Cox increase his stake in the group to 90%.
Founded in 2009, Quint is the company behind consumer price comparison site MoneyGuru.com, and has operations in the UK, US, Australia, Poland, China and South Africa.
It also owns and operates a portfolio of financial technology businesses in the consumer credit sector, including business-to-business lending marketplace and platform Monevo, consumer credit reporting and financial management services such as Credit Angel, and its data business, Monevo Data Services, which develops and provides credit, risk, marketing and analytical data to the financial services sector.
These are all powered by Quint’s proprietary technologies and infrastructure, which links and provides services to consumers and credit providers.
Profits in 2017/18 are expected to approach £10m, when the group expects to take on an investing partner to provide funding for further organic and acquisitive growth.
Greg Cox, chief executive of Quint Group, said: “2017 represents a huge opportunity for us to consolidate and grow our international presence and new businesses while continuing to innovate in our chosen markets. This will be our focus for the coming year.”
Richard Williams, partner at Manchester-based Tosca Debt Capital, said: “The deal will enable Quint to achieve its full potential in terms of growth and importantly ensure shareholder value is maximised over the next few years.”
Alistair Hay, debt advisory partner at Cavendish Corporate Finance, which advised Quint Group on the transaction, said: “The introduction of institutional capital is a testament to the strength of the group and its underlying (and complementary) revenue verticals. We look forward to continuing to support Quint as it looks to build on its UK success in other territories with encouraging results in Eastern Europe and the US to date.”
Quint commercial and financial due diligence was provided by PwC and EY.
