Auto lender Startline Motor Finance is one of the top 10 fastest growing private companies in Europe, according to analysis by global business magazine Inc.com.
The business intelligence company reported that Startline had grown by 8,475% over three years, with revenue reaching €21.3 million ($24.1 million) at the end of 2018.
It noted: “Under CEO Paul Burgess, Startline has ushered in impressive growth. In 2018 alone, it doubled its staff to 80…its business volumes, by year-end, also ticked up by more than 20%.”
Burgess (pictured) said: “Being named in this list is a surprise to us and was completely unsolicited, but it is rewarding to see our growth and the success of our market concept being recognised by such a well-known and credible source.”
Startline reports that growth has continued during 2019, with business volumes up 20% in Q1. It has secured a £325 million funding facility from finance services provider JP Morgan to support growth and unveiled plans to increase its headcount from around 80 to 150.
Burgess added: “We are undergoing a transformative period as a business. Our lending takes place mainly through introducers such as franchised dealer groups, car supermarkets and online platforms – and we are now working with larger numbers of all of these as well as seeing higher penetration at existing customers.
“Looking into the second half of 2019, we envisage the current level of growth continuing and also plan to announce a number of interesting product and service developments.”