LONDON, October 16, 2013 /PRNewswire/ --
Quintessential Finance, a leading financial technology (fin-tech) business that specialises in the technology behind online short-term loan applications, has opened its first office in the United States.
The move comes as the Cheshire-based business grew sales from £11m to more than £34m in the past year and seeing significant growth into US operations.
The success has come through its Pingtree technology, which plugs financial businesses and websites into an entire market of lenders and insurance providers.
On the back of its significant growth, the business has opened its first permanent US office, and now operates in Australia, New Zealand and will soon work in Canada and Brazil.
The New York base opened its doors for the first time at the end of September, with three permanent members of staff. The team will be headed up by Commercial Manager of the US Division, Layton Brooks.
When the firm first started operating in America in July 2012, it dealt with around 1,000 applications a month but now handles 50,000 a day.
Co-founder and chief executive Greg Cox said: "The way in which people buy financial products, including how they borrow and save, has changed. New technology is driving choice, and with it increasing competition.
"Consumers demand decisions in minutes, while providers need a consistent high quality supply of customers. Our technology helps to fulfil those needs by bridging the gap between the consumer and the lenders."
It is this gap in the market that has seen Quintessential Finance Group achieve dramatic growth. The group had four members of staff when it was founded in 2006. Since then, it has since increased to 50 in 2012, with more than 100 employees today.
Greg adds: "The US market is probably five years ahead of the UK. We estimate that our Pingtree technology is probably currently handling between 5-7% of US applications so the opportunity for growth in the U.S market is there, as the $32 billion short-term loan market continues to migrate from the high-street to the Web."
Quintessential has more than 1,000 active partners and generates over 400,000 loan and insurance applications a month across personal loans, short-term loans, insurance products, debt consolidation, financial claims and price comparison websites in the UK.
After initially focusing on the secured loan sector, it has diversified into wider financial services, developing a portfolio of online products and services.
Notes to editor:
Quintessential Finance Group is a leading-edge financial services technology provider and one of the UK's largest independent financial solutions groups. Its technology helps to power market-leading consumer finance brands and businesses, as well as its own products and services. Founded in 2006, the company is based from its headquarters south of Manchester and now operates in four countries worldwide, with over 100 employees servicing both directly marketed consumers and third party introductions. In 2013 Quintessential Finance Group was named as the 3rd fastest-growing technology business in the UK and the top company in the North West in the Sunday Times Tech Track 100.