Quotevine, the provider of Software-as-a-Service solutions for the asset and automotive finance industries, has received £2.2 million in funding from private-equity firm, NVM.
The UK based investors’ backing of Quotevine will support UK growth over the next three years and will be used to invest in developer and operations workforces as it expands.
Quotevine helps asset and automotive finance companies modernise operations and create opportunities from disruptive technologies such as the Internet of Things and artificial intelligence.
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.
Its current customers include 1pm plc, Toyota Financial Services and MotoNovo Finance as customers.
Daniel Layne (pictured), founder and chief executive officer of Quotevine, said: “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.
“Businesses in this space have a huge opportunity to get ahead by understanding how these technologies can be adopted to drive operational value and better meet customers shifting demands and need for personalisation. We are thrilled we have NVM on board and look forward to building our business.”
Quotevine’s team is made up of both automotive and asset finance specialists. They use our combination of technical and industry know-how to solve familiar industry problems and spot inefficiencies that have not yet been addressed.
Aaron Lawson-Clark, investment manager at NVM, will join the Quotevine board.
He said: "NVM is delighted to complete its investment into Quotevine. The business has a unique opportunity to disrupt digitisation in the automotive and asset finance industries. The management team have some exciting plans and we look forward to working with them on the journey ahead. Daniel and the team stood out for their ability to innovate at pace and delight customers of all sizes.”
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.