Quotevine wins £2.2m in funding
Quotevine, provider of Software-as-a-Service (SaaS) solutions for the asset and automotive finance industries, has received £2.2 million in funding from private-equity firm, NVM.
The firm plans to use the capital to boost UK growth over the next three years as well as expand developer and operations workforces.
Quotevine helps asset and automotive finance companies modernise operations by helping them build environments that support techs like Internet of Things and artificial intelligence (AI).
Its product portfolio includes solutions that help businesses to deal with a range of legacy challenges, from reporting, underwriting and pricing inefficiencies, to antiquated customer offerings and slow product innovation.
Some of its customers are 1pm, Toyota Financial Services and MotoNovo Finance.
Daniel Layne, founder and chief executive officer of Quotevine, says: “This investment is a big vote of confidence for Quotevine and the work we are doing. There is a big shift taking place in the asset and auto finance sector, driven by the prevalence of interesting technologies like AI and IoT.”
Aaron Lawson-Clark, investment manager at NVM, will join the Quotevine board.
NVM Private Equity is a generalist investor, managing approximately £440 million of funds and seeks investment opportunities of between £1-£15 million in UK businesses.