Specialist motor finance lender Mann Island Finance lending hits £1bn of lending
Reflecting upon the milestone, Mann Island Finance’s managing director, John Hughes, notes;“Achieving a live book of £1bn of motor finance lending is a fantastic milestone for us to have achieved as the first new lender to enter the UK market in many years. The success is a combination of great people, fantastic business relationships and leading-edge multi-award winning fintech capability. It has all been about teamwork and a vision to transform vehicle lending.”
While Mann Island Finance has a long history in the UK motor finance sector, a strategic decision with the backing of parent Investec has seen the business transform its model to become a dedicated motor finance lender and one of increasing scale and reputation.
From its ‘test and learn’ start as a lender, the business quickly faced the challenge of the global pandemic. It kept its door open, kept lending and sustained its investment in digitising the business model, helping dealers and customers with imagination, and retaining the confidence of Investec. It has been on a rapid upward trajectory ever since.
Today the business provides hire purchase, personal contract purchase and lease purchase products, and as well as cars and LCVs, the business has entered the leisure market successfully. It is also well-prepared for the forthcoming Consumer Duty. Success, as John concludes, has and will be all about teamwork;
“As a new lender, we needed to ‘earn our spurs’ and show we could go the extra mile. Our agility, imagination and technology have served us well. We aim to build on these strong foundations and help the wider motor finance sector transform as the operating environment in which we operate transforms. I’m very confident in our ability to deliver on this ambition.”
