Car finance specialists Zuto (formerly Car Loan 4u) have been recognised by the Sunday Times Hiscox Tech Track 100 for the first time, entering the list at number 30.
The list recognises the tech companies in the UK with the largest growth over the last 3 years, and includes a range of businesses from sectors including ecommerce, software development and advertising services.
Zuto earned their place on the list thanks to continuous investment in their technical systems and in recruitment, including a new Chief Technology Officer and many new technical staff. The team has grown over the last 2 years from one Technical Manager to over 40 developers, analysts, testers and support staff.
This investment has seen a rapid improvement in the company’s technological capabilities, all developed with a focus on improving the customer experience and increasing capacity. Zuto built their own in-house system some years ago in order to lead the way in fast approvals and seamless customer journeys from application to payout.
The system for approving and underwriting applications now facilitates over £22 million of loans each month, with around 50% of applicants receiving an instant decision. This enables a smoother and faster customer journey, and allows the advisors to spend less time on administrative activities and more time on offering advice, support and guidance to customers. Additionally, Zuto have invested in improved integration of affiliate channels to aid growth, resulting in a rapid and significant increase in applications, and communication to further enhance the service.
Zuto CEO James Wilkinson said “We’re thrilled to be included in the Sunday Times Hiscox Tech Track 100, especially at such as high ranking. At Zuto, technology is key to our growth and the acquisition of customers. The technical aspects of our company underpin what we do, and we view them as an aid to delivering a personal and hassle-free service. Scalable systems allow advisors to spend more time helping customers who need it, as well as allowing us to arrange finance for an ever increasing number of people.”