Quintessential Finance Group, the Cheshire-based technology company behind online short-term loan applications, has opened its first permanent office in New York.
The firm’s Pingtree technology enables financial businesses and their websites to plug into the lending and insurance markets. The growth in this sector has seen Quintessential increase sales from £11m last year to more than £34m.
“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,” explained co-founder and chief executive Greg Cox.
“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.”
The business, which has its headquarters in Macclesfield now operates in Australia, New Zealand and North America, with further growth expected in Canada and Brazil.
It originally started working in the American market in July last year, dealing with around 1000 applications a month. Now it handles 50,000 every day.
“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,” added Cox.
He said the company generates 400,000 loan and insurance applications a month and has grown from a staff of 4 in 2006, to 100 today.
Cox is currently involved in a trial in Australia, having been charged with 2 counts of having sexual intercourse without consent. He has pleaded not guilty to both.
In a statement released to Prolific North a Quintessential Finance spokesperson said:
“This is a personal issue for Greg and not a business issue for Quintessential Finance, which continues to operate as normal.”