- Sector: Information Technology
- Region: Yorkshire and the Humber
- Revenue: £6m to £10m
- Website: www.nostrumgroup.com
Ahead of the lending curve
Nostrum provides lending software to banks, finance companies and retail brands. The software powers systems that enable companies to deliver a fully digital experience to their customers. “Our mission is to make the lending process cheaper, faster and safer for our clients and their customers,” says CEO, Richard Carter.
The company’s success, according to Richard, is down to a dedicated and highly skilled workforce and thorough market research. “We champion innovation and look for those who understand our consumer-focused values, but recruiting the type of people who can add value to our company is our biggest challenge. Our staff are at the core of our success.”
“We’ve invested heavily into user experience”
Richard says the emergence of the digital consumer has presented the company with its most valuable opportunities.
“We have been ahead of the curve with our vision for digital lending. We have invested heavily into the user experience of our software while our competitors focused on other areas. This has enabled us to create a strong competitive advantage.”
“We have also commissioned a piece of consumer research into attitudes towards digital finance, to help ensure our development work is aligned with what consumers want from loan providers today.”
40 – The number of financial and retail clients Nostrum has served to date
Such research has been invaluable in keeping a finger on the pulse of the industry. “By sharing our findings, we have become an established voice in the FinTech industry.”
A stream of new entrants into the banking space is also providing plenty of opportunities. “The emergence of new innovators means every lender needs to review its business model,” says Richard. “For us, that means expanding our product range and possibly making acquisitions.”