UK Finance Online Limited, dba Money Health Check, a Bolton, UK-based business that handles claims from the mis-selling of Payment Protection Insurance Policies (PPI), has raised £1m in mezzanine financing.
The funding was provided by The North West Fund for Development Capital (NWFDC), which is managed by YFM Equity Partners.
The company intends to use the proceeds from the financing to accelerate the growth of its business and employ additional staff.
Set-up in 2002 and acquired in 2007 by managing director Ges Ratcliffe and Chief Operations Officer James Dean, UK Finance Online buys pre-qualified leads which it then processes as a formal claim and negotiates with the PPI provider to obtain a full refund and associated compensation on behalf of the consumer. The company, which operates on a national basis, is authorised by the Ministry of Justice to handle PPI claims on behalf of individuals.