FinTech firm Quint secures £10m financing deal
The FinTech firm behind price comparison site MoneyGuru.com has secured a £10m financing deal with Manchester’s Tosca Debt Capital.
Quint Group, also based in the North West, will use the eight-figure boost to fund its recapitalisation.
Established in 2009, it owns a portfolio of consumer credit business, including lending platform Monevo, Monevo Data Services and financial management service Credit Angel.
The firm also has operations in the US, China, Australia, South Africa and Poland.
Quint CEO and founder Greg Cox, who has now increased his stake in the group to 90 per cent, said: “It’s a very exciting time for Quint and I’m very pleased that Tosca have supported us in this important stage of our growth.
“2017 represents a huge opportunity for us to consolidate and grow our international presence and new businesses while continuing to innovate in our chosen markets.
“This will be our focus for the coming year.”
Quint Group was supported by professional services firms PwC and EY with commercial and financial due diligence. Cavendish Corporate Finance advised on the deal.
Tosca Debt Capital partner Richard Williams said: “We’re delighted to have been able to support the Quint team in completing this transaction.
“The deal will enable Quint to achieve its full potential in terms of growth and importantly ensure shareholder value is maximised over the next few years.
“This is another example of Tosca Debt Capital funding a high-quality business in the North of England and supports our ethos of being relationship-focussed and regionally committed.”
For the 2017/18 year, Quint has forecast profits of around £10m and expects to appoint an investing partner, who will provide funding for both organic and acquisitive growth.