The annual FT 1000 ranking – currently in its fourth year and published last week – lists several asset finance providers who have demonstrated stellar growth despite a deteriorating outlook for the global economy.
The ranking, which the Financial Times has compiled with research company Statista, lists European companies that achieved the highest compound annual growth rate in revenue between 2015 and 2018.
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In its review of the year, the FT said competition is getting stiffer with companies needing a minimum growth rate of 38.4% to make the list, compared with 37.7% last year.
Leasing Life identified eight companies in the FT1000 active in the asset finance space. Half are exclusive providers of motor finance, two specialise in invoice finance, while the remaining two operate across a broad range of asset finance goods.
Four of the selection are UK-based companies, Spain and Latvia have one a-piece and Germany claims two. The eight also demonstrate a wide range of revenue takings. The highest earner, Blue Motor Finance, posted revenues of €97.5m in 2018, while the entrant with the lowest revenue for 2018 was NoviCap with €1.75m.
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By GlobalDataSource: FT.com
Blue Motor Finance, a UK-based auto finance provider, which held the top spot in last year’s FT1000 rankings, comes in at the 42nd spot this year with a growth rate of 199.5%. The company describes itself as “an innovative, dynamic UK FinTech company, enabling auto-finance products to reach over 120,000 customers with over £1bn lent to date.”
WorkCapital, an invoice finance (or factoring) company based in Spain, entered the FT1000 rankings for the first time, coming in at 50th, with a growth rate of 181.3%.
NoviCap, a UK-based company that currently only operates in The Netherlands and in Spain, is another invoice finance specialist. NoviCap is an alumni of the Barclays Techstars Accelerator programme, it is ranked 74th with a growth rate of 158.9% and appears here for the first time.
JBR Capital, a UK-based company “dedicated solely to high-end vehicle finance, offering specialist classic, prestige, racing and supercar finance” comes in at 207th. It’s another first-time entrant in the rankings and, on its website, boasts of lending private individuals and businesses “anything from £25,000 to £10m+ and to date we have loaned over £500m”. Its growth rate was 105.6%.
Coming in at 609th is German-based ProfixSystemleasing, a company specialising in motor finance appears in the list for the third consecutive year with a growth rate of 55.5%
Niche asset finance funder Rivers Finance Group, the holding company of Rivers Leasing (founded in 2010), finds itself on the list for a fourth consecutive year, ranked 849th, with 43.9% growth. UK-based Rivers Leasing focuses on lease values of between £2,000 and £50,000.
Mogo Finance, a Latvian-based “provider of secured car loans” specialising in the leasing and leaseback of “used cars of any age and model,” comes in at 906th in the rankings. Mogo operates in more than 17 countries and has issued over €550m to date and has a net loan portfolio of over €192m. Mogo is active in the Baltics, Eastern Europe, the Balkans, the Caucasus, Central Asia and Africa. Its growth rate was 41.6%.
Last in the FT1000 rankings (at 932nd), as far as asset finance is concerned, is Industrieleasing Deutschland, a German-based company operating across a wide range of industrial assets, including equipment leasing, medical equipment, motor financing and big-ticket leasing. The company only had three employees in 2018, yet managed to gain entry in this year’s listings for the first time with a growth rate of 40.8%.
Criteria for inclusion in the list*
According to the FT, to be included in the list of Europe’s fastest-growing companies, a company had to meet the following criteria:
- Revenue of at least €100,000 generated in 2015 (or currency value equivalent according to the average of the actual fiscal year).
- Revenue of at least €1.5m generated in 2018 (or currency value equivalent according to the average of the actual fiscal year).
- The company is independent (the company is not a subsidiary or branch office of any kind).
- The revenue growth between 2015 and 2018 was primarily organic (ie “internally” stimulated)
- If a company is listed on a stock exchange, its share price has not fallen 50% or more since 2018.
Companies from these countries were eligible to participate: Austria, Belgium, Bosnia & Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, the United Kingdom.
*FT.com
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