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 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.”

How time flies! July is officially one year since Evolution Funding and Click Dealer joined forces.

It’s incredible that in such a short time, so much has been achieved, from holding workshops on Compliance, Automation and Eligibility, allowing us to open valuable channels for knowledge sharing, to both companies growing in their position as market leaders in their respective areas.

“The warm welcome we received straight out of the gates has helped everybody come together and it has been exciting so far and continues to be about what we can achieve together”

Pippa Rawlinson CFO – Click Dealer

Both Evolution Funding and Click Dealer have spent the last 12 months investing and building important synergies and relationships that will allow us to unlock benefits over the coming year.

These benefits include how Evolution Funding and Click Dealer can collaboratively build and bring unique propositions and solutions to the market.

“I do believe that with the enthusiasm, the hard yards we have put into year one, we will definitely see those synergy benefits coming through in year two and we have an incredible proposition to take to market.”

Lee Streets CEO – Evolution Funding

One year has passed but the best is yet to come.

Evolution Funding has written over £100 million of advances in a month for the first time. The record advances delivered during March have been described as a “massive milestone” for the motor finance broker and technology provider.

The business, which will celebrate 20 years of trading this year, emerged from 2021 with strong year-on-year growth in advances of 178%.

Lee Streets, Evolution Funding chief executive said: “2021 saw an impressive performance for Evolution, with £835m in loan advances and nearly 67,000 vehicles funded. Achieving this £100 million milestone sets us up for brokering £1 billion of motor finance in 2022.

It only seems like yesterday that we were celebrating writing 1000 cases in a month for the first time. Achieving £100 million advances has been an incredible effort from every team and individual within the company and we thank everyone wholeheartedly for their continued focus and determination.”

Chris Coverdale, Evolution Funding Group Sales Director added: “We have been consistent in delivering new technology and integrated digital and financial solutions to the motor finance market year on year. This strategy has paid dividends in an industry where digitisation has been accelerated during the pandemic and regulatory changes require an innovative response in support of our dealers and partners.

I am immensely proud of what we have achieved. I remember the first time we set £100M advances as an annual target and there were some people who told us it was impossible!”