Alex King and his team will join the leading student finance platform to maximise the Company’s tremendous growth potential. In December 2016, Future Finance’s total loan originations crossed the £50 million mark following loan demand of over £500 million during the past two years in the UK alone. The company has now provided funds to more than 7,000 university students in the UK and Germany, including 3,000 in the second half of 2016 alone. Future Finance is partnered with European Investment Fund and with more than 60 universities across Europe.
Brian Norton will assume the role of Executive Vice-Chairman and remain significantly involved in the business. Under Brian’s leadership, and in just two years, Future Finance has grown from a concept to an operating business with a £50 million loan portfolio. During that period, the company has developed an advanced technology and underwriting platform, introduced strong regulatory and compliance structures and built a team of over 50 high-performing individuals who have contributed to the growth and success of the business.
On his appointment as Chief Executive of Future Finance, Alex King commented: “Future Finance has experienced phenomenal success and has huge potential to continue to grow. I am excited to be joining such a great team and a fast-growing, consumer-friendly business that is focused on ensuring that deserving students get the education they need.”
Brian and Future Finance’s Board of Directors are delighted to have recruited an exceptional leader and highly experienced team to deliver the next stage of growth. The new team brings significant experience to the company and a strong track record of growing global consumer finance businesses.
Adam Jiwan, Future Finance’s co-founder and Chairman, added: “Future Finance has built a strong foundation for growth since launch and we are grateful for Brian Norton’s enormous contribution to the business and look forward to continuing to work with him in his new role. We are thrilled that Alex and his team of four executives will be joining the Company to take it to the next level. Alex has repeatedly demonstrated his ability to build and scale FinTech businesses and products. We have high expectations that this team’s past successes in the US, UK and China will be replicated at Future Finance.”
Notes to Editors
About Future Finance
Future Finance, Europe’s leading student lender, provides competitive tailored loans to students in the UK and Germany whose government loans and bursaries are not enough to cover the cost of higher education. Future Finance is facilitating access to education through its proprietary lending platform, which factors granular data on continuation, employability and earnings into its lending decisions, enabling it to lend to students who in many cases would not be able to obtain loans from banks.
Future Finance provides loans to undergraduates and postgraduates of between £2,500 and £40,000 each academic year to help them pay for tuition costs and living expenses. Loan periods are for ten years after graduation although borrowers can settle early at any time, with no early repayment charges, and reduce the amount of interest that they pay overall. Loans include up to four payment holidays of three months, which provide students with flexibility as they establish their careers.
Future Finance is authorised and regulated by the Financial Conduct Authority in the U.K. under the Interim Permission Reference Number 661722