Quint Group has secured £10m from Manchester-based Tosca Debt Capital to fund its recapitalisation.
Quint Group operates a number of FinTech properties including consumer price comparison site MoneyGuru.com, B2B lending platform Monevo, credit reporting and financial management service Credit Angel as well as rick and data analytics company Monevo Data Services.
The North-West UK-based company also operates in the US, Australia, Poland, China and South Africa.
Quint says it expects to make profits in 2017/18 of close to £10m with the group planning to to take on an investment partner to fuel further growth.
The debt facility provided by Tosca will be used to refinance the group and will result in co-founder and CEO Greg Cox increase his stake in the firm to 90%.
He commented: “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 was supported by PWC and EY in relation to the commercial and financial due diligence with Cavendish Corporate Finance advising on the deal.
Tosca partner Richard Williams said: “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.”
This article first appeared on FinTech.Global. For more deal news as well as in-depth expert perspectives, articles, data and analysis please visit www.fintech.global.
Copyright © 2017 FINTECH GLOBAL