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.