Startline completes £450m securitisation on London Stock Exchange

Startline Motor Finance has completed a £450 million securitisation through the London Stock Exchange.

This transaction involved securitising approximately three-quarters of its current assets under management under the name Satus. The company will continue its funding relationship with JP Morgan as part of this programme.

This follows a previous £292 million securitisation in late 2021, which was significantly oversubscribed.

Established in 2013, Startline has 80,000 customers, £600 million in assets under management, and employs 200 people at its Skypark headquarters in Glasgow.

Specialising in near-prime motor finance, Startline collaborates with around half of the UK’s top 50 franchise motor dealers and 70% of the top 50 independent car retailers, representing around 2% of the UK motor finance market.

Startline CEO Paul Burgess said the new securitisation attracted a diverse pool of high-quality international investors and was significantly oversubscribed.

Paul Burgess, CEO at Startline, said: “The new securitisation attracted a broad and diverse pool of high quality international investors and was significantly oversubscribed, which is something of a rarity and a testament to the quality of business that the team here in Glasgow is writing.

 “This is a strategy designed to help us make more efficient use of our capital and diversify our funding. In the future, we plan to carry out further regular securitisations and also potentially access mezzanine funding. It will give us the right mix to continue to expand, we believe.”

Burgess also noted substantial investments in technology, including a sophisticated business portal for dealers, biometric e-Sign for faster credit agreement processing, and various AI-driven robotic process automation.