Evolution Funding targeting accelerated growth with Creditas acquisition


Used car finance platform Evolution Funding is to acquire motor finance broker Creditas Financial Solutions.

Based in Chesterfield, Evolution Funding – which itself was acquired by global investment firm Carlyle last year – is a technology-led motor finance platform that connects car dealers and auto finance providers with multiple lenders. 

Since it was founded in 2002, the business has grown to a team of over 500 people and supports over 4,000 dealer forecourts, including Marshall, Sytner Group and Trust Ford, and major online-only used car dealers such as Cinch and Cazoo.

It also has brand partnerships with the AA and fintech services like Experian and ClearScore, which offer access to direct-to-consumer channels.

Evolution has made two key strategic acquisitions in recent years: automotive Software-as-a-Service provider Click Dealer in July 2021 and motor finance broker Motion Finance in May 2023.

It said that the latest acquisition which is subject to regulatory approval underlines its commitment to expanding dealer access to the group’s finance platform, technology, and broad lender panel.

Founded in 2007 by Andy Shaw and headquartered in Leeds, Creditas employs 60 staff and oversees four appointed representatives who champion a unique regulatory business.

Creditas will continue to operate under its own brand as a subsidiary of Evolution Funding Group and with its existing management team.

Lee Streets, CEO of Evolution Funding, said: “The acquisition of Creditas is highly complementary. With little overlap between Creditas and Evolution Funding Group’s dealer partners, it will grow Evolution’s footprint with independent retailers. At the same time, our technology, processes, and partnerships will enhance Creditas’ proposition for dealers, maximising its potential and driving long-term growth across the group.

“We have been impressed with Creditas’ approach to motor finance, the focus they put on building relationships and doing the right thing for consumers, an ethos at the heart of our own operations.”

Andy Shaw, managing director of Creditas, said: “Having built Creditas up over the last 17 years now is the time to become part of a much larger entity. We are looking forward to working with Lee and his team moving forward – it’s going to open a lot of new options for the benefit of our dealers.”

Creditas was advised by Peter Williams, David Kendrick, and Fraser Pirie of UHY Hacker Young (Manchester).

Pictured l to r: Lee Streets (Evolution CEO), Katie Hayes (Evolution COO), Andy Shaw (Creditas MD), Teresa Jagger (Creditas risk & compliance director), and Phil Kerr (Creditas finance director).

 



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