Macclesfield finance firm set to double American turnover

Macclesfield financial services firm Quintessential Finance has revealed plans to double its revenues in the American loans market after its US turnover grew to $4.7 million in just two years.

Quintessential Finance Group, the parent company of Pingtree UK and Pingtree USA, has seen turnover rise in the 24 months since it started operating out of New York.

The firm’s Pingtree technology as well as teaming up with new disruptive lenders such as LendUp, has helped establish the Macclesfield firm as one of the top 10 operators of its kind in the US and secured it a 6% share of the $32 billion online lending market.

The firm first started operating in America in July 2012, it dealt with around 1,000 applications a month but now reportedly handles up to 50,000 a day, peaking at 1.5 million applications in one month last year.

Pingtree USA plans to double its market share by the end of 2015 with a projected turnover of $10 million by 2015; an increase of 112%.

Greg Cox, co-founder and CEO, said the key to their success is their ability to adapt and change. “The US and UK markets are very different and the US is a real opportunity for us.

“The US 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.

“We’ve developed technology that allows us the flexibility to set up and customize specific campaigns for lenders far quicker than anyone else. The technology also means the overall performance of Pingtree is faster and more reliable.”