Macclesfield FinTech giant Quint Group has reported a record year of growth with a 64 per cent increase in revenue to almost £32m by March 2017.
Quint saw its turnover rise from £19.5m to £31.9m in 2016/17, along with an increase in underlying profits of over 250 per cent from £1.6m to £5.9m. Growth has been driven by a number of factors including the launch of the company’s consumer credit comparison site, MoneyGuru.com in September last year which is now the fastest growing comparison site in the UK, as well as strong growth in its Monevo and Monevo data services businesses.
Quint owns and operates four mutually beneficial and strategically aligned fintech companies in the consumer credit sector. Alongside MoneyGuru.com the company owns Monevo, the UK’s largest lending platform and market place, financial management services businesses such as Credit Angel and its data business, Monevo Data Services which develops and provides cutting edge credit, risk, marketing and analytical data.
All of its companies are powered by the Group’s market-leading proprietary technologies. Employing over 100 members of staff, Quint has offices in the UK, the US, Poland and Australia, as well as technology hubs in China and South Africa.
In March this year Quint secured a £10m financing deal from Manchester-based Tosca Debt Capital to fund its recapitalisation which saw founder and CEO Greg Cox increase his stake in the Group to 90 per cent. Cox said: “It’s been a fantastic year for Quint and we expect our turnover to exceed £50m in the current financial year and profits to approach £10m.
The launch of MoneyGuru.com has added another facet to the Group and we’ve been really pleased with the response to it. The site is not like other big players in the financial comparison space because it uses our own technology to directly integrate into lenders systems which allows us to give real time decisions to consumers. “Our mission at Quint is for our services to become part of the market infrastructure in our core markets, in the same way credit bureaus are today.
Although we already operate in four territories, further global expansion is a key focus, alongside the continued development and optimisation of our products and services. This, we hope, will lead to Quint’s revenues exceeding £75m in 2019.” Nick Jones at Cavendish, Quint’s corporate finance advisor, said: “Quint has managed to balance rapid growth with increasing investment in the platform and infrastructure opening up new areas of opportunity and keeping it at the forefront of the personal finance ecosystem.”
Earlier this year Quint was awarded The Queen’s Award for Enterprise in Innovation which is widely recognised as being the UK’s highest accolade for business success. The annual awards recognise British firms that have excelled in exporting, social or environmental good work, or innovation, with the awards being presented at Buckingham palace by the Queen herself.
Cox added: “It was an honour to be awarded a Queen’s Award for Enterprise in Innovation. What sets us apart from many of our competitors is that our technology is developed entirely in-house, making it extremely difficult to replicate. Our financial growth is testament to the culture we have created here and the hard work of all our staff and shows that we are at the forefront of the fintech industry.” The Group was also recently named number 40 in the Sunday Times 100 Best Small Companies to Work For in 2017.
Finlay Magowan, Quint Group