Evolution Funding partners with Motiv Finance to deliver advanced credit pre-screening solution

piece of the puzzle

Evolution Funding (‘Evolution’) and Motiv Finance (‘Motiv’) have announced a partnership in which the two will join forces to build new technology products for the motor finance market.

The joint collaboration agreement will see the companies share elements of their existing credit pre-screening technologies with each other, with plans to co-build an advanced solution. Both will commit significant R&D investment into the project which will underpin components of Evolution’s new CreditScanner product. Evolution and Motiv will also cooperate on other projects including consumer self-serve automation and data intelligence.

Lee Streets, Evolution’s chief executive, said:

“This is an exciting and innovative new partnership for us. We have built a relationship with Motiv for several years, and it became clear that there are significant synergies between the two businesses. We have the same aspirations for the motor finance consumer journey and so it made perfect sense to partner up. We look forward to exploring the opportunities this alliance will reveal.”

Commenting on the partnership, Motiv founder Stuart Davey said:

“We are delighted to have partnered with Evolution and are keen to identify ways to leverage our combined strengths to progress motor finance technology. There is a huge opportunity to help retailers, lenders, and consumers through this initiative.”

Due to launch in 2023, Evolution’s CreditScanner is a personalised payment search for consumers. Delivering instant credit pre-approval with real rate offers, the customer will be served a personalised monthly payment quote on-screen and in real-time against the retailer’s online stock.

Evolution Funding Achieves £1 Billion Advances Milestone

Evolution Staff celebrate 1 billion

Evolution Funding has celebrated a key motor finance milestone of transacting £1 billion in advances in the calendar year so far, with total platform transactions of more than £1.5 billion.

The achievement comes seven months after the business posted a record month in March of £117.4 million in advances.

Lee Streets, chief executive of Evolution Funding, said:

“Reaching this £1 billion milestone is a proud moment for everyone in the business. This target was set when we launched our new vision, mission, and values in December 2019.

“Part of our mission was to intermediate £1 billion in consumer advances via our platform. To have delivered this less than three years later is an incredible achievement. Considering we still have two more months to go, we will far exceed that goal in 2022.

“The last few years have seen us grow exponentially, and we successfully emerged from the pandemic in a strong market position. We have focused heavily on building out our technology proposition, as well as strengthening our internal teams right up to board level.

“My thanks go out to our amazing staff for their continued commitment and focus, along with those dealers and partners who have supported us over the years. We are about to head into our twentieth year of trading and this milestone gives us a great springboard for the next stage of our growth.”