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Fintech firm unveils ambitious growth plans following US market success Print E-mail
Monday, 01 September 2014

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.

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, and is the only UK Financial Technology company of its kind to have made a success of the US online lending market.
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 disruptive lenders such as LendUp, has helped establish the Macclesfield firm as one of the top 10 operators of its kind in the US and 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.
When the firm first started operating in America in July 2012, 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; an increase of 112%.
It’s also looking to expand into additional verticals of the US lending market with its new personal loans model which is more focused on supporting higher value loans and bigger lenders, focused not solely online. The group hopes to replicate the success of the UK personal loans Pingtree, which has currently already generated over 65,000 applications since its launch last month.

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.”
Quintessential’s innovative products and strategy has fuelled strong sales growth, tripling turnover from £11m to £34m in the last year, with operations expanding into four countries including the US and Australia.

Greg adds: “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.”

(Source - Quintessential Finance Group Press Release)


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