Pancredit reports record growth figures

Wed 12th June 2013

Pancredit today announces record financial results in FY2012 and reports equally strong first quarter revenues in 2013.

Stellar business performance has been driven by a significant increase in demand from banks, financial institutions, intermediaries and commercial lenders for software systems capable of promoting responsible lending and enhancing the service experience they deliver to customers.

“After the financial crisis, PPI mis-selling and libor rate-fixing scandals, the credit and lending market knows it has a big job to do to restore public confidence,” comments Peter Constance, Founder & Managing Director, Pancredit. “The determination of major banks and financial institutions to tackle this issue is driving demand for systems like ours, which hard wire responsible lending into their nationwide operations. By deepening the suitability assessment that is performed on customers applying for loans, our systems ensure that the lender’s final decision is based on a crystal clear picture of the applicant’s financial circumstances. By automating this work, we also help lenders cut costs and reduce turnaround time, enabling them to deliver a more responsible lending service to customers in a fraction of the time conventionally required.”

In 2012, Pancredit’s annual turnover exceeded £3.8m, representing a 40% YOY increase over 2011. Q1/13 figures were equally strong and indicate that Pancredit’s growth will continue this year; revenue increases continue to track and the firm has a pipeline of secured work that extends well into 2014.

While Pancredit’s primary source of revenue is from Core Pancredit, the firm’s flagship loan applications, administration and collections system, used by major lenders such as HP Enterprise Services on behalf of a major retail banking group, Ikano, The Open University and MotoNovo Finance, its decision to enter new markets with tailored offerings has stabilised the business and enabled it to prosper despite the torrid economic conditions.

Sales of MADE, Pancredit’s software-as-a-service decision engine, which enables price comparison sites to better source loan products for consumers, have grown swiftly in the last twelve months and the solution is now driving the evolution of intelligent whole-of-market credit sourcing for the aggregator sector. MADE is currently used by around 20 sites, including and knowyourmoney, and over the course of the next six months will be rolled out to several of the other leading brand names in the market.

Panintelligence, a business intelligence dashboard solution for data rich organisations, continues to gain traction in a range of markets, including automotive, education and service management.

In order to remain at the cutting edge, Pancredit invests between 20-30% of its annual profits back into research and development. “Loan collection systems will become increasingly important in the coming years and are a key focus for us,” adds Constance. “Interest rates will inevitably rise, putting pressure on the consumer’s ability to meet their various loan repayments, leading many to default.  Banks and financial institutions that are serious about responsible lending will know that the ethos goes well beyond a decision to grant or deny a loan application. When they are faced with an increase in defaulting customers they will need to deepen their understanding of their customers’ issues in order to act responsibly. Our systems will be critical in helping lenders obtain a clearer picture of their financial circumstances.”