UK Export Finance (UKEF), the UK’s export credit agency, has announced an agreement with Applied Driving to help the Hampshire firm bring driving safety solutions to more markets.
It’s agreed a £300,000 (€350,000) finance facility that provides working capital to the business.
Established in 2008, Applied Driving provides technology and solutions globally to businesses to improve safe driving behaviour and help reduce road risk.
Operating in the UK, US and Australasia, Applied Driving is already present in more than 52 countries and is continuing to expand at a rapid rate.
It supports more than 300,000 drivers, working to reduce road risk and improve driver safety with its online platform ‘Riskmapp’, where drivers can complete licence checks and complete any targeted training as a result of the insights found from their driving events. These events are transmitted through the Companion+ solution, available as mobile app or direct integration into existing telematic solutions.
As a result of Applied Driving’s help, fleets have seen up to a 96% reduction in at-risk driving events.
In May 2023, Applied Driving approached Newable Business Loans Limited for assistance in implementing its plans to accelerate its global expansion. With the benefit of the UK Export Finance General Export Facility (GEF) guarantee, Newable structured a £300,000 facility under its Export Finance solution.
This supports the business – which already saw 65% of its revenue derived from overseas sales – fulfil growing demand in key markets such as the US and Middle East.
Richard Armstrong, export finance manager for Hampshire and the Isle of Wight at UKEF, said: “Applied Driving is a small business providing an important, and potentially lifesaving solution to the international market, especially important during these winter months, all while supporting local jobs and the wider UK economy.
“With 81% of UKEF financing going to SMEs last year, our support for Applied Driving highlights UKEF’s commitment to backing businesses of all sizes. If there is a viable export project, we’re there to ensure it can be fulfilled with the correct financing support.”
Andy Phillips, global managing partner of Applied Driving, said: “Our global reach is essential in ensuring we can continue to expand our UK workforce, grow our business, and continue to promote driver safety. With this facility in place, we are now able to strengthen our foothold in our key international markets, and boost our growth into new regions that require better driver safety protocols and education.”
