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Evolution Funding: Driving growth at motor finance technology firm

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

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

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.

 

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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.

Strengthening the team

Since LDC backed the business, it has made senior hires to its growing team in the form of Paul Saggar as Chief Innovation Officer and Adam Small as Head of Operations. In January 2020, the business expanded its field sales team with the appointment of four key personnel.

Bolstering its digital proposition

Evolution completed the acquisition of automotive software and digital services provider Click Dealer in June 2021. The transaction marked a significant move to broaden Evolution’s digital and SaaS proposition.

Evolution Funding picked up a hat-trick of accolades at the Car Finance awards in 2021 including ‘Best Broker’, ‘Best Direct to Consumer Proposition’ and also the Innovation award.

Awards

Award for Innovation

Car Finance Awards 2021

Best Broker

Car Finance Awards 2019 & 2021

Best Direct Consumer Proposition

Car Finance Awards 2019 & 2021

Best Specialist Car Finance Provider

Car Finance Awards 2019

Northern Tech Awards Top 100

2019