"By partnering with a number of finance brokers we enable business customers to compare financing options from top tier lenders, through to alternative financing providers"
We spoke to Michael Foote, founder and MD of Quote Goat, about its partnerships with finance brokers and how the industry can help increase lending to SMEs.
CR: Tell us a bit about Quote Goat’s proposition.
Quote Goat is a fast-growth comparison and cashback website for personal and business customers. We currently offer cost-saving comparison solutions in the finance, energy and insurance sectors with additional products added on a monthly basis.
Over the last 12 months, Quote Goat has seen an uplift in web traffic, up by 47% following the introduction of products and services including a Cashback plugin, which has just secured its 5,000th user since launching in July 2019.
Established in 2014, Quote Goat now has over 30 comparison products offering a wide range of insurance and finance deals. Quote Goat has also recently partnered with a host of new brokers to launch a range of business finance comparison products, including invoice finance, merchant cash advances and small business loans.
CR: Quote Goat recently partnered with a number of finance brokers – what does your proposition offer and what’s your USP?
Our business funding solution is the newest addition to our site. By partnering with a number of finance brokers we enable business customers to compare financing options from top tier lenders, through to alternative financing providers in one place. Our solution can help businesses of all sizes and credit histories access finance for cashflow, growth, and more in as little as 24 hours from application.
CR: What are Quote Goat’s main aims or focuses in 2019? Do you have any exciting news or plans you can tell us about?
As well as business finance, 2019 has seen the launch of our cashback browser extension which has commercial relationships with over 2,500 brands and retailers. The extension notifies users at checkout of available cashback, deals and savings which can be applied to the shopping basket with one click and without interrupting the shopping experience.
CR: What do you love about the finance and insurance industry?
I love the fact that the industry is constantly improving due to the development and adoption of new technologies. However, the industry is often a source of confusion for people, at Quote Goat we see a lot of opportunity in de-mystifying the industry and therefore helping customers find the right provider for their requirements at the right price.
CR: If you could see one headline about business lending in 2019, what would it be?
It would have to be ‘Bank lending to SMEs is on the rise, as the focus moves away from big business’.
Recent research by Oxford Economics found that bank lending to SMEs has fallen 3% since 2015, while credit provisions to large companies has risen by 43%. The report also found that SMEs are being given the ‘cold shoulder’ resulting in an impact on recovery against small businesses.