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Denise Crossley, Chief Executive of Lantern, explains the significance of the company's change of name...

It’s been a busy few years in the alternative lending sector.

In the midst of these changes in 2015, Motormile Finance UK (MMF) – the UK’s largest independent debt purchaser – underwent a significant transformation as a result of regulatory changes in the sector. This included implementing more rigorous internal processes and focusing on our strategic direction.

This was followed in October 2017 by significant investment from Copper Street One – an entity of UK specialist investment firm Copper Street Capital LLP – which has strengthened our balance sheet and enabled us to make a greater number of purchases since the acquisition.

A new name for a new day

Despite these significant internal changes, our public-facing brand has up to now remained largely unchanged. We knew it was time for the reputation we’ve built for industry-leading standards of customer care and regulatory compliance – for doing things the right way – to be reflected in our name.

That’s why we are proud to announce that, as of today, Motormile Finance (MMF) has become Lantern.

Why ‘Lantern’? Because we wanted a name that captured our ambition to be more than simply a debt purchaser and collector. We wanted a name that would remind us of the high standards we set ourselves – to go beyond mere compliance for our lenders and to genuinely care for each of our customers.

As we step into the future with a new name and a renewed sense of purpose – we do so believing we are a leading light in a changing industry, one that will surely see more lights appearing in years to come.

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