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Motor finance firm raises AIM funds for growth

Secure Trust Bank, owner of the Moneyway motor finance brand, raised £25m capital investment this month in its listing on the Alternative Investment Market.

The capital has been secured for investment in growth and acquisitions.

David Nield, its lending director, told AM the Moneyway operation is working with franchised dealers, including AM100 groups, to help them win near-prime customers whose finance applications are rejected by the prime lenders.

“Our focus is on helping dealers to sell the car where the main finance provider has declined, with a proposition to still secure the sale.

"Making the sale is difficult at present and it must be disappointing for dealers to go through the process, test drive and get a deposit only to then not be able to complete the sale due to declined finance,” Nield added.

Since launch in 2009, Secure Trust Bank’s motor finance business has grown its net outstanding loan book to £48.4m.

Its focus is lending for vehicles aged up to 10 years and 100,000 miles and priced below £15,000.

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