Propel Finance Company Research Report

Company Overview

• Name: Propel Finance

• Mission: Propel Finance aims to offer flexible and accessible finance to SMEs across the UK, helping more than 40,000 businesses to access finance for purchasing business-critical equipment and vehicles quickly and easily. It is dedicated to delivering great customer experiences through service excellence aligned with the company's values of being personal, progressive, and a good partner.

• Founded: 1996

• Founders: No information is available

• Key People:

• Mark Catton: Group CEO, joined in January 2018, former CEO of RBS Corporate Banking.

• Anne Williams: Group COO, over 30 years of experience in financial services.

• Mark Tweed: Group CFO, 15 years of senior executive experience across auto and asset finance sectors.

• Jon Maycock: Commercial Director, 20 years of experience in SME lending.

• Faye Armitage: Partnership Director, formerly with Lloyds Banking Group and TSB.

• Julie Warren: Marketing Director, over 25 years in senior marketing roles.

• Alex Pooley: Chief Transformation Officer, 20 years of experience in finance roles.

• Gavin Dowding: Director of Digital and Product, 16 years of experience in IT and business intelligence.

• Jennifer Bodey: Compliance & Conduct Risk Director, over 20 years in risk management.

• Catrin Nation: Head of Legal, with 15 years as a legal advisor.

• Clive Gavin: Chief Credit Officer, joined in September 2022.

• Headquarters: Unit 5, Langstone Business Village, Langstone Park, Newport, NP18 2LH, Wales.

• Number of Employees: No information is available

• Revenue: No information is available

• Known For: Propel Finance is known for being one of the UK's largest independent finance houses, particularly in providing asset finance to SMEs for equipment and vehicle purchases.

Products

Asset Finance Solutions

• Hire Purchase: A financial arrangement that allows businesses to acquire assets by paying an initial deposit and the remainder through scheduled payments. Ownership of the asset is transferred after the payment of the final installment.

• Key Features: Preserves capital, boosts cash flow, ownership at the end of the term.

• Finance Lease: A leasing contract where businesses can use an asset without owning it. The lessee gets the right to use the asset in return for periodic payments.

• Key Features: Operational flexibility, cost-effective, keeps leasing off the balance sheet.

• Asset Refinance: A facility allowing businesses to release equity from existing assets to provide additional working capital or to finance new asset purchases.

• Key Features: Enhances liquidity, flexible refinancing solutions, leverages existing assets.

Recent Developments

• Growth Achievements:

• Recognized as the UK's fastest-growing asset finance company over three years, from 2021 to 2024, with a growth of 344% (July 15, 2024).

• Surpassed a £500m loan book on its proprietary digital platform 'Propeller' (December 4, 2023).

• Celebrated as the fastest-growing asset finance company in the UK for the second consecutive year (July 19, 2023).

• New Appointments:

• Mike Quinn appointed as Director of Technology Finance to manage relationships with technology equipment distributors and vendors (October 18, 2023).

• Jennifer Bodey appointed as Director of Compliance & Conduct Risk (July 4, 2022).

• New Partnerships:

• Formed a strategic partnership with Samsung Capital, enabling SMEs to acquire new technology (October 14, 2022).

• Innovative Programs:

• Completion of its first private securitisation, part of a £500 million financing round (August 22, 2022).

• Technology and Digital Transformation:

• Introduction of the 'Propeller' asset finance portal, streamlining the finance process with innovative and integrated technology. Enables quoting and transactions 24/7 through an auto-decisioning engine.

• Market Insights:

• Initiated studies into sectors, such as the bus & coach operators' financial outlook post-pandemic.

This report provides a detailed overview of Propel Finance's operations, leadership, product offerings, and recent developments. The company continues to advance its position in the UK market by harnessing technology and strategic partnerships while focusing on SME growth and excellence in asset finance solutions.