Quintessential Finance open first US office

Macclesfield-based Quintessential Finance has opened its first office in the US to cater for significant growth in stateside operations, and is also eyeing expansion into Brasil and Canada.

The financial technology business specialises in online short-term loan application systems and has grown sales from £11m to more than £34m in the past year.

Quintessential’s New York office will house three permanent members of staff, headed by commerical manager, Layton Brooks.

When the firm first started operating in America in July 2012, it dealt with around 1,000 applications a month but now handles 50,000 a day.

Co-founder and chief executive Greg Cox said: “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.

“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.”

It is this gap in the market that has seen Quintessential Finance Group achieve dramatic growth. The group had four members of staff when it was founded in 2006. Since then, it has since increased to 50 in 2012, with more than 100 employees today.

Greg adds: “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.”

Quintessential’s success has come through its Pingtree technology which plugs financial businesses and websites into the market of lenders and insurance providers. The firm now operates in Australia, New Zealand.