A fast-growing UK fintech company is aiming to double its revenues in the American loans market after its US turnover grew to $4.7 million (£2.8 million) in two years.
Quintessential Finance Group (QFG), the parent company of Pingtree UK and Pingtree USA, said it has seen its turnovers grow rapidly since it started operating in the US out of an office in New York two years ago.
The Macclesfield-headquartered company claims its Pingtree software, which allows businesses to plug into and access a market of lenders or financial providers, said it wants to double its US revenues from $4.7 million (£2.8 million) to $10 million (£6.02 million) by the end of 2015.
When the firm first started operating in America in July 2012, it dealt with around 1,000 applications a month. Now it handles up to 50,000 a day, peaking at 1.5 million applications in one month last year.
Greg Cox, co-founder and CEO, said: “We’ve developed technology that allows us the flexibility to set up and customise specific campaigns for lenders far quicker than anyone else.
”The US and UK markets are very different and the US is a real opportunity for us. It 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."
QFG, which now employs over 100 people, tripled its global turnover from £11 million to £34 million in the last year, with operations expanding into four countries including the US and Australia.
Cox added: “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.”
The majority of the UK's leading fintech companies are focused in London, which has been hailed the fintech capital of the world by Mayor of London Boris Johnson.