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Auto loan fintech Zuto bucks industry downturn

Zuto CEO James Wilkinson

Online car finance broker, Zuto has continued its succesful 2022 with record Q4 growth and financial performance.

Back in March, the Manchester fintech recorded its first pre-tax profit since 2015 when it logged a £5.3m gain. Now, October 2022 has seen Zuto celebrate 40 per cent year-on-year revenue growth, against a backdrop of a seasonal downturn which often impacts the car finance market in Q4. Its reported turnover for the financial year to the end of February was £27.9m.

Despite the challenging current economic conditions, the company has also seen an uplift in market share of seven per cent in the twelve months to September 2022, with the amount of customers driving cars financed through Zuto up by 14 per cent. This growth outperformed the used car market as a whole, which grew by six per cent in the same period.

Zuto has also marked 2022 with B Corp certification and a number of industry accolades, including winning the Best Workplace award at the Prolific North Tech Awards 2022. Zuto’s CEO, James Wilkinson, was also accepted into the Automotive 30% Club, which recognises companies that commit to having a strong gender balance within leadership positions.

The company continues to hire for roles across the business including software engineering and analytics. Its focus on staff wellbeing has seen a range of initiatives from creating market-leading family friendly policies and rewarding staff’s continued commitment, to cost of living salary increases for everyone in the business.

CEO Wilkinson said: “We are seeing incredibly strong trading performance, despite a challenging macro-economic environment. Seasonally, the used car market typically experiences a slight downturn from October so we are delighted to be bucking the trend, particularly when there are so many other external factors at play.

“Beyond the numbers, we remain focused on changing our industry for the better while proving it is possible to combine profit with purpose. We’re doing that by providing transparency to customers and making sure our people have the best possible experience at work.”

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