As part of the agreement, Target will provide Picture's core processing systems and supporting infrastructure to deliver effective customer communications throughout the loan life-cycle; from loan origination (including applications via intermediaries and direct responses from the public), through to customer and accounts servicing, and debt management.

Neville Allport, chief executive, Picture Financial, commented, "We needed an all encompassing solution that would provide us with a robust and flexible platform for growth. Target also understood the need for us to tailor the IT function and help us to differentiate to achieve competitive advantage in our marketplace."

Mr Allport continued, "Target had a proven roadmap for start-ups and is a well-known name in the secured loans market. Target provided us with an innovative and flexible solution that will grow with the company, and help enable us to meet our ambitious lending targets."

Following on from the company's launch in October this year, Picture has ambitious plans to become a major name in the consumer finance sector, and achieve a profitable position as soon as is possible. Grant Hawkins, chairman and CEO, Target, said, "By leveraging the Target loan lifecycle management solution, Picture will have a reliable and secure platform with which to achieve a competitive advantage in the consumer finance market. We have extensive experience of working with start-up ventures and are thrilled to be working with Picture to help the company achieve its objectives."