Britain’s PremFina applies for money-lending license as he considers Irish market

PremFina, a UK-based insurance premium finance company, is poised to expand into the Irish market after applying for a money lending license from the Central Bank.

The company, which raised $ 36 million (32.6 million euros) in its first round of investment in 2017 from funders such as Japanese Rakuten Inc and Draper Esprit, allows the payment of premiums to insurance in installments. It provides insurance brokers with lines of financing and software solutions.

PremFina, which has processed £ 300m (€ 356m) in insurance premiums since the fourth quarter of 2016, has already established an office in Dublin. It should be up and running here by the second quarter of next year.

The company aims to start in Ireland with a small team, with plans to expand into other European countries, including Poland and Spain.

Bundeep Singh Rangar, Managing Director of PremFina, said the company was eager to start in Ireland.

“We are delighted to give the Irish market what it wants,” he said. “Demand for our services has driven this expansion from the UK and is being bolstered by support for fintech companies in Ireland.

“We are delighted to build long-term relationships within the Irish insurance industry and the premium finance market. “

A spokesperson for PremFina said the company intended to “grow rapidly over the next two to three years.” She added that she had “over 25 insurers and brokers” eager to work with the company in Ireland.

According to recently filed accounts, PremFina recorded a loss of £ 930,000 compared to 2018 due to ‘significant costs’ incurred in achieving its growth plans. The company’s UK clients include insurance brokers Saga and Assura Protect.

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