UK fintech group IEC floats on London Stock Exchange’s AIM rival Aquis

A UK fintech group has listed on the Aquis stock exchange in a boon to the City after a year of its public markets being starved of listings.

A UK fintech group which specialises in online consumer loans has announced it is floating on London’s public markets as it prepares to become a credit lender in the UK.

Investment Evolution Credit (IEC) listed on the Aquis stock exchange on Thursday morning in a boon to the City after a year of its capital markets being starved of listings.

IEC chief executive Paul Mathieson believes the listing will allow IEC to grow its operations and reach more investors.

Mathieson said: “We believe that AQSE offers a great opportunity for the Company to gain international recognition and to continue our growth trajectory in the consumer lending market.

“By leveraging our technological expertise, innovative lending platform, and commitment to customer satisfaction, we are well-positioned to capture the growth opportunities in both the UK and US consumer lending markets,” he added.

IEC raised about £508k from investors before going public.

These funds will be used to grow their consumer loan business in the US and get authorised by the Financial Conduct Authority (FCA) to provide consumer loans in the UK.

They expect this process to take between 12 and 18 months. IEC said it chose the UK to apply for a consumer credit license in the UK due to its favourable tax policies, regulations, demographics, and “attractive competitive landscape” for online personal loans.

Aquis, which often champions growth companies, recently slammed the London Stock Exchange (LSE) as anti-competitive after it claimed ministers have been unfairly promoting its bigger brother.