Macclesfield fintech business Quint Group sees profits skyrocket 250%

Fintech firm Quint Group is celebrating a record year of growth after seeing its profits skyrocket by more than 250%.

The Macclesfield-headquartered company’s underlying profits hit £5.9m in the 12 months to March 2017, up from £1.6m the year previous.

Quint Group’s turnover also rose during the period, increasing year on year by 64% to £31.9m.

The firm attributed the figures to a number of factors, including the September 2016 launch of its consumer credit comparison site, MoneyGuru.com, and growth in its Monevo businesses.

Quint owns and operates four fintech brands in the consumer credit sector; MoneyGuru.com, Credit Angel, lending platform Monevo and data business Monevo Data Services.

Today, the company employs more than 100 staff and has additional offices in the US, Poland and Australia, with tech hubs in China and South Africa.

Earlier this year, Quint secured a £10m financing deal with Manchester-based Tosca Debt Capital. As a result of the transaction, founder and chief exec Greg Cox increased his stake in the group to 90%.

Greg said: “It’s been a fantastic year for Quint and we expect our turnover to exceed £50m in the current financial year and profits to approach £10m.

“The launch of MoneyGuru.com has added another facet to the Group and we’ve been really pleased with the response to it.”

He continued: “Our mission at Quint is for our services to become part of the market infrastructure in our core markets, in the same way credit bureaus are today. Although we already operate in four territories, further global expansion is a key focus, alongside the continued development and optimisation of our products and services.

“This, we hope, will lead to Quint’s revenues exceeding £75m in 2019.”

Nick Jones of Cavendish, corporate finance advisor to Quint, commented: “Quint has managed to balance rapid growth with increasing investment in the platform and infrastructure opening up new areas of opportunity and keeping it at the forefront of the personal finance ecosystem.”