Case study

Evolution Funding: Driving growth at motor finance technology firm

Development capital deal valuing business at £110m enables investment in technology to create scale.

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Sector
  • Financial services

Evolution Funding is a B2B car finance broker with market-leading technology.

Employees: >200

Deal type
  • Development capital
Deal value

£110m

Evolution Funding (Evolution) is a B2B car finance broker with market-leading technology.

Its Evolve technology is used at point of sale in dealerships, and also online during the process of researching or purchasing a used vehicle, to deliver brokered motor finance solutions from a panel of funders. This helps dealers and customers secure vehicle finance with rapid online decisions and at competitive rates.

The company employs 200 people both at its headquarters in Chesterfield and working with dealerships across the UK.

LDC understood our vision for the business from the off and shared the same ambition. This is a great outcome for our partners, customers and employees alike, and we’re hugely excited about our plans for growth.”
Lee Streets, CEO
Evolution

Backing an ambitious team

In 2019, the management team led by CEO Lee Streets chose to partner with LDC in a £110m deal that would underpin its future growth strategy.

The partnership is now supporting the firm’s expansion as it invests further in its technology, digital capabilities and to scale the presence of both its Dealer B2B and B2C propositions.

Later the same year, the business swept the board at the Car Finance Awards, picking up four of the 20 gongs available. It also announced two new senior hires to its growing team in the form of Paul Saggar as Chief Innovation Officer and Adam Small as Head of Operations.

The continues to go from strength to strength and announced a record year for loan advances, totalling over £500m for 2019, up from £430 in 2018.

Bolstering the team

Evolution Funding, announced in January 2020 that it has expanded its field sales team with the appointment of four key personnel.

 

Awards

Best Broker

Car Finance Awards 2019

Best Direct Consumer Proposition

Car Finance Awards 2019

Best Specialist Car Finance Provider

Car Finance Awards 2019

Best Direct Consumer Proposition

Car Finance Awards 2019

Northern Tech Awards Top 100

2019