Fintex Capital, an innovative FinTech investment firm focused on alternative credit, has announced a long-term partnership with Go Car Credit, a specialist in motor finance lending. This partnership will support Go Car Credit in originating around £4m of car loans each month.
This move sees Fintex Capital providing a new funding line to Go Car Credit to back its monthly car loan origination. This generous provision will enhance Go Car Credit’s existing loan book, which currently stands at approximately £60m.
Go Car Credit specialises in providing financial solutions to consumers seeking to purchase cars. With a rigorous, data-driven underwriting process, they support a diverse spectrum of consumers, making car ownership more accessible for work and family life needs.
The newly injected funds are set to expand Go Car Credit’s responsible lending operations. With more financial capacity, they can now serve a wider demographic of customers, helping them to secure the cars they need for their daily lives.
In the current economic climate, Fintex Capital continues to show its commitment to businesses that exemplify responsible lending practices, best-in-class underwriting, and excellent customer service, all of which are traits of Go Car Credit. This new partnership is the latest in a string of multiple facilities that Fintex has recently closed as it pursues growth opportunities across the capital stack.
Go Car Credit’s Chief Executive Officer, Mark Giles, said, “We are delighted to work with Fintex, who share our approach to data science and excellence, thereby increasing our capacity to grow in our target markets.”
Echoing the sentiment, Fintex Capital’s CEO, Robert Stafler, stated, “Fintex is delighted to partner with Go Car Credit, one of the leading players in specialist motor finance. We were very impressed by the quality of their underwriting, which leverages technology to responsibly lend to all types of consumers. We look forward to supporting Go Car Credit on their growth journey.”
In its history, Go Car Credit, founded in 2017, has already financed over 25,000 customers, one fifth of whom have graduated to lower-priced products following successful conclusion of their initial agreements. On the other hand, since 2016, Fintex Capital has extended loans totalling $400m across the UK, Continental Europe and the USA.
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