Motor finance specialist Moneyway has seen its lending balances rise by 35% in the last 12 months, according its latest financial results.

The Solihull-based motor finance provider saw its lending balances grow from £152.3 million in June 2015 to £205.6 million in June 2016, with the figure rising 24% rising (from £165.7m) since the start of the year.

John Simpson, managing director at Moneyway, said: “Moneyway has continued to make outstanding progress over the last 12 months, with growth witnessed from our traditional sub and near-prime products, as well as the strong performance of our prime offering.

“We firmly believe that we are in an excellent position in the market, capable of lending across the widest part of the risk curve, and providing a one stop, one prop option for our dealer network.”

Moneyway’s fortunes have been boosted by the introduction of a new prime product earlier this year.

The business has also made a number of significant alterations over the past 12 months, as it looks to provide a ‘one stop shop’ proposition across the widest part of the risk curve.

Most recently, the firm promoted transformation manager Richard Cox to lead its operations division, providing further focus on achieving the best customer outcomes.

In the year to 30 June 2016, the company has seen a 73% increase in the number of proposals received from the same period in 2015, with acceptances rising 109%.