The regulatory application for the boat finance company has taken almost two-years to achieve.
“This marks a key milestone and a massive achievement in our quest to bring digital boat finance to the leisure marine market,” said CEO Joe Dalton.
“Many of you have been with us on this journey and will know the frustrations and pain my team, and I have endured over what has been just short of a two-year application process with the Financial Conduct Authority (FCA).”
He added: “We can finally weigh anchor, bringing our digital solution to market and helping boost the industry by providing boat buyers with simple, convenient, and speedy finance.”
And Joe said he was ‘hugely grateful’ for the patience and support from everyone.
SALT aims to simplify boat finance with its app that provides one place to obtain a quote, apply and manage the account.
At a soft launch in 2022, Joe stated that boat finance was ‘somewhat broken with relatively few funders to choose from and limited options that encourage clients to actively proceed’.
And he promised a one-stop boat shop with seamless engagement throughout the purchase.
Revolutionise
In addition to receiving approval, SALT. has appointed Robert Cottingham to the role of chief risk officer.
“The business has massive potential to disrupt and revolutionise the UK marine finance market and to ultimately become the global boat finance leader, so to be involved at such an early stage of this innovative start-up is not just an honour and a privilege, but tremendously exciting, too,” said Robert.
“Having had extensive experience across first and second line risk management in established corporates and dynamic, fast-growing fintech start-ups, my focus will be to build an appropriate and robust enterprise risk management structure to protect the business; to collaborate across the industry, including with the regulator, and to support driving this wonderful new business forward to embrace exciting growth opportunities whilst giving customers the best possible service.”
Joe added: “Bringing someone on board with Rob’s vast experience in risk management and compliance, coupled with his passion and skills in innovation, automation and AI, will greatly accelerate SALT. in its ambition to bring convenient, fast, 21st century finance to the leisure marine sector.”
