23rd September 2015
Future Finance, the Dublin-based specialist student lender, today (Wednesday) announced its intention to create a further 50 new positions over two years, in addition to the 48 it currently employs, as it expands its business across Europe, including in Ireland. This marks another major milestone for the company after successfully launching in the UK 16 months ago. The new jobs being created are in sales, marketing, customer support and product development.
Established in Dublin in May 2014 Future Finance has to date received over 25,000 applications from students at every university in the UK and has lent a total of over £16 million (approximately €22.1 million). In addition, the company is now lending over £1 million per week (approximately €1.4 million) and Future Finance has established 17 partnerships with universities in the UK including the world renowned London Business School. Future Finance plans to roll out its service across Europe, with Ireland due to launch by the end of 2015.
The project is supported by the Department of Jobs, Enterprise & Innovation through IDA Ireland.
Future Finance (www.financemyfuture.co.uk), the only company of its kind to be operating in the UK, offers loans specifically designed for both undergraduates and postgraduates to help them fund their higher education at a time when there are very limited financing options available to students. Future Finance differs from other more traditional lenders because the firm uses its own proprietary algorithms to make lending decisions, in addition to data from credit agencies. It factors in university and course specific data on continuation, employability and predicted first year earnings into its lending decisions. This approach gives students who have little or no working or credit histories access to commercial finance that they otherwise might not have had.
Minister for Jobs, Enterprise and Innovation Richard Bruton TD said, “A key part of the Action Plan for Jobs is building on the cluster of finance and tech companies we have in Dublin to make Ireland into a truly global capital for financial services technology. Today’s announcement that Future Finance, a fast-growing company in this area, is creating an extra 50 jobs in its Dublin headquarters is another important step and a very welcome boost for the city. I wish Brian and all the team continued success with this project."
Brian Norton, CEO of Future Finance said: “We are very excited to continue the amazing growth our business has experienced over the past year, and delighted that we chose Dublin as the headquarters for our operation. We have benefitted significantly from the excellent business environment and the quality of employees we’ve been able to hire in Dublin.”
“Higher education is a smart investment: graduates enjoy a lifetime of better employment prospects and higher earning power. However, in many countries in Europe, there is a growing gap between the costs of education and available financing sources, which is making like difficult for many students and, in some cases, is preventing them from pursuing a higher education altogether. Future Finance was established to give students across Europe access to a tailored, affordable and transparent financing option to help bridge this funding gap. I look forward to offering this option to Irish students in the near future.”
Welcoming the announcement Martin Shanahan, CEO IDA Ireland said, “The plans for Future Finance’s Dublin HQ will further strengthen Ireland’s finance and technology cluster and also complements IDA’s strategy of winning investments in this space. We look forward to working with the company as it scales its global business from Ireland.”
For further information, please contact:
Powerscourt (PR advisers to Future Finance) Jack Hickey Tel: +353 83 4488339 Email: futurefinance@powerscourt-group.com
About Future Finance
Future Finance Loan Corporation (www.financemyfuture.co.uk) is Europe’s specialist student lender and was established to help bridge the funding gap in paying for higher education. It specialises in providing competitive long-term loans to students in the UK (Representative 11.8% APR (variable) whose government loans are not enough to cover their tuition costs and living expenses, or who are not eligible for government loans. Depending on personal circumstances, Future Finance provides loans to both undergraduates and postgraduates of between £2,500 and £40,000 each academic year to help them pay for tuition costs and living expenses. Typically loan periods are ten years and three months after graduation although borrowers can settle early at any time, with no additional fees, and reduce the amount of interest that they pay overall. The basic requirements for applicants are that they must be 18 years of age or above, a UK or EU citizen normally resident in the UK and be studying at a UK university. Non-EU citizens need to provide a guarantor in the UK. All applicants are subject to a credit and affordability check and security may be required by way of a guarantee. Future Finance is authorised and regulated by the Financial Conduct Authority under Interim Permissions Reference Number 661722.
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