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Newcastle fintech startup reveals plans to create 200 new jobs after tripling profits

Fast-growing Newcastle fintech startup Allay has announced plans to create as many as 200 new jobs by the end of the year, after tripling its profits in only its second year.

Headquartered in the city’s Generator Studios, the business provides claims processing services via its in-house developed web and app-based processing platforms.

The company, which has now handled over 1.5 million consumer claims both direct to the public and as a solutions provider to the financial services, travel and legal sectors, saw its turnover rise from £7m to £15m in 2016.

With a 300 per cent increase in profits, despite more than doubling its staff numbers to 210 across four UK sites, the firm predicts that total staff numbers will surpass the 400 mark before 2017 comes to a close.

Allay’s aggressive growth strategy in scaling up was boosted by the acquisition of rival firm ConnectedClaims, a Manchester-based flight delay compensation specialist, in January earlier this year.

Currently operating four UK centres, found in Newcastle, Manchester, Haydock and South Wales, Allay’s tech platforms deal with thousands of claims a month.

Claims range from those who may have been mis-sold a number of different products and services, such as PPI, to those pursuing flight delay compensation.

Building on the success of the flight delay compensation arm of the business, in a UK first the business recently launched ‘airFair’, a flight delay compensation app allowing users to check if they are eligible to claim – from as early as when they are still in the airport.

Steven Bell, managing director of Allay, discussed the firm’s rapid rise.

He commented: “It’s been a great year for Allay and we are in a fortunate position to have clear visibility of further 100 per cent topline growth this year, with our profits also holding firm at 300 per cent growth.

“The FCA recently announced a deadline on PPI claims which means consumers have just 2.5 years to reclaim what is rightfully theirs.

“This deadline, coupled with an expected large scale public information campaign, means that there will be even more demand and therefore some consolidation in the claims management space as smaller operators decide they want out.

“We have the investment funds raised along with the technology and infrastructure to manage exponential growth of claims transactions and we are already talking to several mid-sized claims firms about acquisition.

“Our technology team, Allay Logic, gives us a real edge over our competitors by allowing us to continually test and develop new platforms, whilst our main eco-system is built to process large volumes of claims in a variety of sectors, so we are geared both for more growth now and new opportunities ahead.”