Quintessential Finance Group targets US market
FINANCIAL services technology provider Quintessential is targeting the US for further growth after rapid early success there.
The Macclesfield company launched an office in New York in July 2012 and in that time revenues for its Pingtree product have reached $4.7m in just two years, on the back of growth in the US online lending market.
Its Pingtree technology matches financial businesses and websites with consumers search for loans and insurance online.
When Quintessential Finance Group first started operating in America it dealt with around 1,000 applications a month but now handles up to 50,000 a day, peaking at 1.5 million applications in one month last year. Pingtree USA plans to double its market share by the end of 2015 with a projected turnover of $10m by 2015.
Greg Cox, co-founder and chief executive, said: “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.”
Mr Cox, 33, added: “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.”
Quintessential Finance Group is part owned by financial services entrepeneur Paul Naden and last year accounced a surge in turnover from £11m to more than £30m.
