Fast Forward Finance is an independent financial services company offering specialist asset finance and advisory services through its subsidiaries and divisions.
The company commenced business at the end of 2004 as an asset finance originator, focussing on the supplier and manufacturer market segments as primary sources of business. At the time, the company had origination agreements with all major banks, inclusive of Absa Bank, Wesbank, Nedbank, Standard Bank and Imperial Bank amongst others. The business experienced fast growth and enjoyed excellent relationships and reputation with virtually all major suppliers of goods to the transport, construction and mining industries as well as with the banks. By the end of 2008 the business was the largest commercial asset finance originator in South Africa, having placed more than R 3.0 billion of asset finance with the major banks since inception.
The dynamics of the origination market changed materially during and after the financial crisis of 2008. Not only did the banking sector undergo further consolidation, reducing the number of players active in the asset finance industry, but the supply of credit to the market also reduced dramatically at the time. This had a severe impact on the origination industry with many of the participants exiting the industry. The company met these challenges head-on and is today, better positioned to service the industry than it was during the time of the global financial crisis.
Due to developments during and after 2008 other markets were entered and strategies pursued which led to the expansion and diversification of the company. This successfully steered the business through the challenges of 2008 and the period immediately after that, into new directions with a bigger focus on annuity and sustainable sources of income, instead of its business model being exclusively transactionally based. The group is today involved in various diversified activities, ranging from asset finance origination, finance administration, finance leasing and sales of construction and mining equipment, parts and repairs and maintenance of construction and mining equipment.
· Placed business more than R 3.0 billion with all major banks at the end of 2008;
· Largest asset finance originator in South Africa by the end of 2008;
· National Footprint with branches in all major cities;
· Ongoing relationships with national suppliers and manufacturers.