2nd April: Scott Law
This week Elliot Moss is joined by Scott Law.
Scott Law is founder and CEO of Pay4later, a company that provides a platform of banks that retailers can refer to in order to try and secure credit deals for their customers to help secure a sale (interest rates start from 0% APR, and rise according to the potential customer’s credit rating). This market is currently dominated by Barclays and Hitachi Finance but despite this, Pay4Later is enjoying huge growth and is now working with over 1,000 retailers (it has just signed up Mothercare) and five banks.
The company also provides loans for people looking to pay for health care treatment and also to green energy home improvements. These are provided by companies operating in these sectors.
Scott launched the company in 2008 and it is enjoying huge growth. In January some £20 million of credit was approved through its platform. The amount of credit approved through its panel in Christmas 2014 was 124% higher than Christmas 2013. To date, over 600,000 customers have financed a purchase via the Pay4Later platform.
In 2012, Pay4Later had just over 200 retailers on its books, by 2013 this increased to just over 500, and now it has over 1,000 on its books. Mothercare has recently just signed up to use them.