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 healthcare treatment, and green energy home improvements. These are provided by companies operating in these sectors.
Scott launched the company in 2008. In January some £20 million of credit was approved through its platform. The amount of credit approved through its panel during 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.
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Highlights
We finance everything that is not cars and not mortgages.
…that first chapter of e-commerce was wild euphoria, incredible valuations and then loads of those businesses just never ever became profitable, sustainable businesses.
Everything I have ever done has always been a team sport.
…if you make things more affordable, people will buy more.
We had a life or death crisis where one of our largest customers went out of business…
What you put in and what you get out is fair and equitable and, you know, that seems to work.
It was good that the team that built it was the beneficiary of all the hard work.
You talk to these people who go and climb Everest or whatever, you know, people can surprise themselves with their capacity.