Consumer finance lending platform, Duologi, is opening a new London sales hub to accommodate its rapidly-growing team ahead of a period of expansion.
Backed by Oaktree Capital, the fintech disruptor is already on course to build a portfolio of £100 million within its first full year of trading, with clients across the retail, healthcare, education, travel and property sectors. The company provides flexible point-of-sale (POS) products to help consumers access goods and services and pay back the cost in a way that suits them.
Duologi, which launched in 2017 in Basingstoke, recently secured a £20million investment from Paragon that will be used to fund its growth strategy. The company currently counts a 33-strong team of finance specialists, with plans to substantially grow this figure over the next 12 months, including the launch of this new office.
Unlike many other similar businesses currently in the market, Duologi does not offer a ‘one size fits all’ model. It aims instead to work with each partner on an individual basis to ensure a bespoke service is created for each – without charging set-up costs or monthly fees.
It was set up largely in response to the needs of the newer breed of a digital-first retailer who rely on deep analytics across their entire sales funnel to optimise their return on marketing investment and build a deeper understanding of customer behaviour.
The platform is powered by groundbreaking technology which gives merchants access to previously-impossible levels of customer data to help drive loyalty.
POS finance holds significant benefits for businesses. Duologi research shows that offering flexible payment options can increase sales and conversion rates, grow basket size and boost brand loyalty.
Bruce Rayner, CEO of Duologi, said: “This is an exciting time for Duologi. Consumer demand for simple, flexible credit has never been higher; however, there is a real need for transparency and integrity within the sector – something that we’re committed to upholding as we grow the company in the UK and worldwide. We’re in a strong position to open our second office just 14 months after launching and look forward to speaking with potential clients about how we can help their business grow in future.”