Quotevine, a provider of SaaS solutions for the asset and automotive finance industries, has received £2.2m in funding from private equity firm NVM.

Quotevine said it would use the capital to fund UK growth over the next three years in its sales, developer and operations workforces.

The investment will fuel revenue growth alongside further development of its current suite of products to meet existing and new client demands.

Quotevine said its products help businesses deal with the spectrum of legacy challenges known within the leasing industry – from reporting, underwriting and pricing inefficiencies, to antiquated customer offerings and slow product innovation.

Quotevine said it currently counted 1pm, Toyota Financial Services and MotoNovo Finance as customers.

Following this, Quotevine will focus on international growth and building further products to support its clients with revenue growth and improved operational efficiencies.

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 “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.” says Daniel Layne, founder and chief executive officer of Quotevine. 

Aaron Lawson-Clark, investment manager at NVM and incoming Quotevine board member 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 has 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.”