Moneyway has increased its lending balance by 35% in the past year, according to their latest financial results. The Solihull-based motor finance provider saw its lending balance grow to £205.6m in the year to June 2016, up from £152.3m.
The company said its results were boosted by the launch of its prime product, which it launched at the end of 2015 after a pilot period, as well as a number of changes within the business, such as the promotion of Richard Cox to head of operations.
It added that it had seen a 73% increase in the number of proposals received compared to the same period last year. Proposal acceptance rates rose 109% over the same period.
John Simpson, managing director at Moneyway, said: “Moneyway has continued to make outstanding progess over the last 12 months with growth witnessed from both our traditional sub and near-prime products, as well as the strong performance of our prime offering. We firmly believe that we are in an excellent position in the market, capable of lending across the widest part of the risk curve, and providing a one stop, one prop option for our dealer network.
“Our team continues to expand as we look to ensure we can provide a product for every customer, and we’re looking forward to building on our existing relationships with our dealers and introducers, as well as welcome new customers in the coming months."