Consumer credit and payments have undergone a transformation, driven by technological innovation and a shift towards more accessible financial services.
Founded in 2009, Quint Group owns and operates a global portfolio of fintech businesses in the consumer credit and payments markets, including Monevo, Acquired.com, Credito, Infinian and MoneyGuru.
Under the leadership of CEO and founder Greg Cox, a former professional rugby player, Quint has grown without relying on external investment, a rarity in this venture capital-driven industry.
In this week’s In Profile, Cox, whose leadership has guided Quint’s expansion across the UK, US, and Australia, shares insights into building sustainable, self-sufficient businesses.
Greg Cox, CEO of Quint Group
Tell us more about your company and its purpose
I’m the founder and CEO of Quint, an award-winning fintech group. In the last decade, we’ve generated over £500millon in revenues by building and scaling fintechs that solve key issues across credit and payments.
What makes us unique is that we have built the group organically, without taking any third-party or venture capital investment.
We started the group with only £25,000 from the founders, and it has now expanded to employ over 200 people and operate businesses across the UK, US and Australia.
We have five independent, but synergistic businesses in the group:
Monevo, a platform which enables over 150 banks and lenders to distribute and embed credit offers online;
com, a next-generation payments platform focused on powering recurring commerce
Infinian, the world’s first real-time credit bureau;
Cred, a next-generation credit product you use like a credit card, a loan, an overdraft or to build credit
Credito, a service which helps consumers build their credit score and a better financial future
What are some of your recent achievements you’d like to highlight?
Global credit bureau TransUnion recently bought a minority stake in Monevo, as part of a new global strategic partnership we have built with them. This is a great validation of the vast potential that Monevo has, and has allowed us to scale Monevo rapidly in the US and other markets.
I reflected the other day that our businesses now count over 300 banks, financial institutions and fintechs as customers globally. This includes some of the biggest global banks, such as U.S. Bank, HSBC and Bank of America. Given our modest roots, being able to say we are now trusted by these types of companies is something we are very proud of.
I’m also very proud that Quint was recognised as a ‘World-Class employer’ by Best Companies. Brilliant people are fundamental to our success as a business, and to get the validation that our businesses are a great place to work means a lot, as well as helping us attract top talent.
How did you get into the fintech industry?
I’m not a traditional fintech CEO. I didn’t go to university or work for an investment bank. I started my career as a professional rugby player and was selected for England’s under-19 World Cup squad. Sadly, I got a career-ending injury just before going, so I worked on building sites while I worked out what to do next.
On-site, I read a newspaper article that sparked my first business idea – an online platform helping people save money by importing cars from Europe to the UK. The business grew for three years until the dotcom bubble burst. Next was South Africa, where, thanks to a weak Rand, I started another successful car export business, using the money for a range of investments.
One of those was a financial services business in the UK. It failed in the wake of the 2008 financial crisis, which led me to delve deeper into the market to understand what had gone wrong. I realised that lending at that time was not fully leveraging technology and became fascinated by the opportunity that the convergence of technology and financial services would create. I founded Quint in 2009 to explore this, which ultimately led me into fintech.
What’s the best thing about working in the fintech industry?
It’s an industry that’s constantly evolving, and if you know where to look there are so many problems to solve and opportunities to explore. I’m continuously learning, which I love, and I generally find it an exciting, purposeful place to be.
What frustrates you most about the fintech industry?
I think a lot of money is wasted chasing unsustainable ideas and business models. While there’s been a lot of progress in recent years, many still see tech and finance as closed-off clubs. There’s still a lot we can do to ensure the industry is open to the diversity of talent on offer. Championing school leavers and other alternative routes into the industry should be a sector priority. As society grows more inclusive, the companies that it serves must do, too.
How have your previous roles influenced your career?
Every business I have built has shaped the leader I am today, some more consciously than others. My career has taught me to embrace, not fear, failure, and to keep perspective, especially when things are tough. Some ventures fail, but there’s a lot to learn along the way, and these lessons always inform the next step.
What’s the best mistake you’ve ever made?
Investing in the financial services business that failed in the wake of the financial crisis. While I wasn’t directly involved in the business as I was purely an investor, when it failed it was the catalyst that made me look closely at financial services, in particular the credit market. Despite losing all the money I invested, it ultimately led me to founding Quint.
What has the future got in store for your company?
I believe fintech is entering an exciting new phase that will start to see it deliver on some of its potential. I think we will start to see fintechs becoming larger financial institutions, with the ability to really change things. And, I also think we will start to see new products and services born out of the industry that become truly mainstream.
Quint is uniquely positioned to benefit from this opportunity, with a decade of experience building businesses in this market and a huge network of customers to leverage creating a clear competitive advantage. We believe we have at least three-billion-pound opportunities within the Group, where our focus is on bringing next-generation services, infrastructure and consumer experiences into huge global markets ripe for disruption.
What are the next key talking points or challenges for your industry as a whole?
The industry is obviously keenly examining how AI can be leveraged in fintech and whether it will live up to its hype and potential. I think this is a really interesting area, and Quint is already investing as a Group in it.
Given Quint’s background, I also strongly feel that people shouldn’t feel they can only build a fintech with VC money or can only work in fintech if they have a degree. I think the industry needs to demonstrate that it can build sustainable, profitable businesses, which also benefit the wider economy by hiring and embracing talent from all backgrounds.
The post In Profile: Greg Cox, CEO of Quint Group appeared first on The Fintech Times.
