Motor finance provider Moneyway grew its lending balance from £137.9m in 2014 to £165.7m in 2015 as a result of a growth in new business and new initiatives.

Although Moneyway did not give the actual figure of its new business volumes, it revealed these grew 20% year-on-year in 2015, while lending revenue grew 22% in the same period.

The lender partly credited the growth to the launch of its prime product in 2015, which it said provided a point of difference between itself and its competition.

The company also noted that it widened its lending parameters in the period, including extending its loan-to-value to 120%.

John Simpson, managing director at Moneyway, said: "2015 growth has been achieved through a combined focus on widening the lending parameters and criteria of our products as well as restructuring our offer to create a wholly transparent product for consumers.

"Moneyway has also continued to establish strong relationships with all our customers whilst promoting our brand. Into 2016, Moneyway completed the launch of the prime product across all our introducer channels to complement our non-prime products, providing introducers with a true ‘one stop shop’ solution and a product for every customer in the prime to non-prime space.

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Looking towards 2016, the lender said it was planning to widen its reach of supporting dealers and intermediaries, as well as advancing its technologies.