2:49 pm, March 30, 2022
Blue Motor Finance has smashed through the £2bn lending mark.
The fintech company, which was founded in 2014 and provides hire purchase motor finance via a network of 2,000-plus used car dealerships, has lent the money to more than 200,000 customers during that time.
Based in Sevenoaks, it also offers SME lending to dealers via its Floorplan product, helping them get finance to stock their forecourts.
CEO Tiku Patel said: ‘Smashing the £2bn mark is a significant step for us and further reinforces that we have got our offer right.
‘Dealers appreciate our simple-to-use platform and customers love our straightforward product which makes Blue finance the perfect package.’
He added: ‘We couldn’t have achieved this without the hard work and dedication of our staff, who have shown incredible flexibility and commitment for our dealers and customers through the difficulties of the pandemic.
‘Blue has some very exciting plans for the future that will help us build on our remarkable growth over the last few years.’
The company said it had revolutionised the used car market by using technology and innovation as well as data and analytics to make things simple for customers and dealers.
It added that it had increased automation, delivering high acceptance levels across the risk spectrum, with quick decisions and high convenience levels.
Blue’s growth curve has seen it feature on the FT 1000 – the Financial Times’ list of the 1,000 fastest-growing companies in Europe – for three years running from 2018 to 2020 and topping it in 2019, when it knocked Deliveroo off the number one spot.
It employs almost 200 people and has a UK-wide network of 50 sales managers across the UK.
Blue recently secured more funding lines, allowing it to extend its lending, as well as upgrades to its credit ratings, which it said reinforced its credentials as a responsible and reliable lender of choice.
