Strategic advances in the USA fuel Monevo’s growth

Strategic advances in the USA fuel Monevo’s growth

Monevo, lending marketplace and part of Macclesfield-based Quint Group, is on track to exceed one billion pounds in loan originations in 2017.

The company’s growth is set to continue with ongoing success in the US, Monevo’s newest territory.

Fifteen US lenders, including Lending Club, Sofi, and Prosper have joined Monevo’s roster of over 150 personal loan lenders across the world.

David Brooks, US director said: “We have seen strong and constant growth in the USA over the last 12 months and with some major updates to our consumer product we are anticipating an impressive 2018.”

Monevo also successfully acquired their California Broker License this year, boosting the company’s compliance offering.

Personal loan originations in the US reached new heights by the end of 2016. Total balances reached $102bn for the first time, $14bn higher than the end of 2015. The number of consumers with personal loans at the end of 2016 was 15.82 million.

Brooks continued: “Globally, Monevo processes over 35,000 loan applications per day, making it the biggest marketplace of consumers looking for loans in Europe. This dynamic marketplace of live consumers can be accessed by lenders using the platform; these lenders are able to choose only the customers that are eligible for their products, removing all wastage that occurs in conventional acquisition channels.”

Monevo, part of international fintech group Quint, enables over 150 lenders to access over £6bn worth of credit applications annually. Monevo’s award-winning technology provides credit solutions for affiliates & brokers, comparison websites, lenders and challenger banks.

Monevo also operates in Australia, the UK, and Poland with plans for further international expansion.