London-based SaaS (software-as-a-service) provider, Quotevine, has signed a three-year agreement with self-employed finance specialist, IN-SYNC Credit Services. Quotevine will provide the ground-breaking van funder with Luca, their end-to-end, integrated loan and lease contract management platform. It will work in tandem with automated decision-making software from technology company, LendingMetrics to streamline IN-SYNC’s operations and ensure a smoother journey for its customers.
IN-SYNC Credit Services provides professional courier drivers with a unique and flexible method of financing their vans, as well as supporting logistics SMEs in expanding their fleets. What sets IN-SYNC Credit Services apart is their understanding of the self-employed market. This allows them to underwrite in a way that is not only entirely unique within the market, but means they are able to fund vehicles where others may not. Each year, the Group supports more than 43,000 operatives with tax, VAT and payment services, meaning their close relationship with self-employed people enabled them to notice a challenge that many SMEs in the logistics sector face: getting drivers into a vehicle. For SMEs, operating and managing a fleet of vehicles can be costly, but for self-employed drivers, it can be hard to get approved for finance based on their credit score alone.
IN-SYNC Credit Services saw an opportunity to solve this, and their vehicle funding proposition was born. To launch this new service, IN-SYNC have made use of Quotevine’s end-to-end contract management platform and LendingMetrics’ Auto Decision Platform (ADP), to deliver an innovative van financing solution which can be offered at scale to a rapidly expanding market.
Quotevine adds value to this proposition through its full contract lifecycle management: from producing finance proposals to underwriting applications, everything can be managed from one place. By partnering for this particular contract, Quotevine and LendingMetrics are providing IN-SYNC with an invaluable, future-proofed solution and ensuring they remain not only competitive, but also compliant as regulatory changes continue to be introduced.
Philip Benké, Head of Business Development at Quotevine, said:
“IN-SYNC has always had an innovative business model, involving flexible agreements tailored to its clients, and we were keen to offer a solution that could not only be moulded to its current needs, but also grow with it as it expands.
“By using Quotevine, IN-SYNC has access to a single system which encompasses all its account management needs. Combining this solution with LendingMetrics’ ADP means that it can offer immediate decisions on loan applications, ensuring a smoother experience for both it and its clients.”
“This is the first time we have provided such end-to-end capabilities to a single client. We’re committed to drive the industry forward during this historically challenging time. This type of collaboration, with a forward thinking business like IN-SYNC, is the first of many, as we strive to cater for customers’ needs in a fast-moving marketplace.”
Rob Buckland – Director of Credit Finance at IN-SYNC Credit Services said, “We recognise that customers of today expect real-time, convenient services, tailored specifically to their needs. Therefore, the key to driving an efficient finance offering is an end-to-end automated infrastructure, made possible by platforms provided by Quotevine and LendingMetrics.
The key priority for IN-SYNC Credit Services in 2020/21 is to optimise this digital-first platform to engage new business opportunities, maximise existing opportunities and retain clients through exceptional customer service. The infrastructure will enable us to scale our business in a controlled and insightful way, utilising business intelligence to make commercial decisions and launch new innovative products that meet the needs of the market in which we operate.”
David Wylie – Commercial Director at LendingMetrics commented, “LendingMetrics’ award-winning ADP has become the “go-to” enterprise decisioning solution in the credit industry and we count public and private companies as well as banks amongst our client base. It has been exciting to work with Quotevine to deliver this ground-breaking project for IN-SYNC and we look forward to seeing them leverage the enormous capabilities the platform has to offer”