Evolution Funding has achieved unprecedented success at the Car Finance Awards 2019, picking up four of the 20 awards on the night for Best Broker sponsored by Amigo Loans, Best Use of Technology – Risk & Compliance sponsored by Experian, Best Direct Consumer Proposition, and Best Specialist Car Finance Provider.
The awards, held at the Nottingham Belfry Hotel on June 20, mark the fourth year that the event has taken place. Celebrating the achievements of the industry from manufacturers and providers through to dealers and lenders, the night highlights the huge contribution that the motor finance industry makes to the UK economy.
Collecting the Best Broker award, CEO of Evolution, Lee Streets, commented:
“We couldn’t have hoped for a better result on the night, absolutely outstanding. This is our fourth consecutive year of being named Best Broker, and to be recognised for our technology contributions against so many strong entries is testament to the impact we are having on this industry.”
The judging panel, consisting of highly-regarded figures within motor finance and financial services authorities, highlighted how integral Evolution has become to the motor finance industry, citing their “cutting edge” approach, whilst providing “good regulatory oversight”. Of Evolution’s direct to consumer proposition, they commented that My Car Credit is “making a complex space easier for their customers”. The judges also commented that Evolution Extra was “ploughing a clear route in specialist finance to ensure the customer gets the best outcome and the dealer delivers more cars”.
These accolades follow Evolution’s third ‘Intermediary of the Year’ award at the Motor Finance Awards, held in Munich. Earlier this year, Evolution announced a significant private equity investment deal from LDC.
Picture shows l to r: Justin Moorhouse (comedian and host), Lee Streets (Evolution Funding) and Adam Newman (Amigo Loans)
Evolution Funding has been named ‘Intermediary of the Year’ at the 5th annual Motor Finance Conference and Awards 2019. Held at the iconic Sofitel Bayerpost hotel in Munich, the event celebrates excellence and innovation in the European motor finance industry.
Evolution beat a record number of submissions to pick up a coveted trophy, with the independent panel of judges citing Evolution’s scale, reach, and partners, along with their e-signature process, being of merit. Their risk aggregator system and overall customer experience was praised as impressive.
Lee Streets, Evolution Funding CEO, said:
“We are delighted to be awarded ‘Intermediary of the Year’ for a third year since these prestigious awards launched in 2015. We have consistently delivered on our strategy of reinvesting into our business, with a firm focus on developing some of the most ground-breaking motor finance technology in the market. Our commitment to delivering a transparent, fair and compliant customer journey through our technology, products and processes has enabled our business and our partners to stay ahead of the curve. It is fantastic that this has been recognised by the judges.”
Collecting the award on the night, Jeremy Levine, Evolution Group Executive Director, added:
“It is testament to the hard work and commitment of our people that we have been awarded this accolade once again. We have a fantastic team of people who work tirelessly to deliver the best that the market has to offer. Whilst technology continues to drive our business forward, it is our people right across the UK who keep the cogs turning. We are grateful for their continued dedication.”
Evolution Funding has secured investment to support its expansion from mid-market private equity investor LDC. The transaction will see LDC take a significant minority stake in the business and has been backed by acquisition finance facilities from Santander and Aviva Investors.
The firm’s Evolve technology and digital customer journey 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 34 funders. This helps dealers and customers secure vehicle finance with rapid online decisions and at competitive rates.
Evolution’s bespoke web-based B2B platform automates the traditional finance underwriting process. It pulls real-time credit and valuations data into Evolve’s algorithms, automatically assessing each search with the lenders on its panel, to streamline the decision-making process and deliver compliant financing to customers. Evolution’s systems and technology process are designed to create a positive customer experience and fair outcome for dealers’ customers.
The company has also developed a direct-to-consumer product, MyCarCredit, which provides direct access to Evolution’s brokered funding platform. Evolution’s B2C proposition has expanded rapidly through its successful, established relationships with leading finance aggregator and eligibility platforms and white label brand partners.
Evolution brokered loan advances of over £430m in 2018 and employs over 200 people both at its headquarters in Chesterfield and with account managers supporting dealerships across the UK. The business will continue to be led by co-founders Lee Streets and Jeremy Levine, Sales Director Chris Coverdale, with the team being joined by incoming Finance Director Kevin Kaye.
As part of the transaction, Steve Weller – former Chief Executive Officer of LDC-backed price comparison website uSwitch – will be appointed non-executive Chairman, while Tim Porter, former Managing Director of Lex Autolease, will be appointed non-executive Director. Lawrence Dean and Andy Lyndon from LDC will also join the board as non-executive Directors.
Left to right: Andy Lyndon, Lawrence Dean, Steve Weller, Lee Streets, Tim Porter, and Jeremy Levine.
The firm has been carved out of a holding company which included other motor services to focus on Evolution’s dealer finance offering, online services and market-leading technology.
Following the transaction Evolution plans to invest further in its technology, digital capabilities and to scale the presence of both its Dealer B2B and B2C propositions.
Lee Streets, CEO of Evolution, said:
“This is a big moment for the business. We’ve spent the last 15 years listening to customers and developing the best technology in the market for vehicle finance. Bringing a partner on board like LDC gives us not only the capital to accelerate our growth, but also the boardroom expertise to help us unlock the potential of our business. “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.”
Lawrence Dean, Investment Director at LDC, said:
“Evolution Funding is a classic example of an entrepreneurial business that is disrupting a market with innovative technology to the benefit of its customers. Lee, Jeremy and the team have been forward-thinking, consistently growing the business since its inception, with a clear commitment to customer service and compliance. There’s a significant opportunity to scale further in the UK, working with new partners, and by investing in its market-leading Evolve platform and digital capabilities as well as its customer-facing product, MyCarCredit, which has significant potential.”
The transaction is subject to customary conditions including receipt of required regulatory approval.
Evolution Funding has made the latest Sunday Times BDO Profit Track 100 league table for a second consecutive year. The report, which is now in its 19th year, ranks Britain’s private companies with the fastest-growing profits over three years.
Evolution placed 98th with a growth in profit over three years of 55%, which the company attributes to its ongoing commitment to reinvesting into its digital infrastructure and in-house technology.
Jeremy Levine, CEO of Evolution Funding, said:
“Our strategy has always been to reinvest back into the business, allowing us to innovate and adapt our systems, processes and technologies to meet with evolving consumer needs. This, combined with the efforts of our committed and focused people, has allowed us to build a profitable business that delivers a second-to-none customer experience. It is fantastic that we have been recognised for the second year in a row by such a prestigious league table.”
In 2017, the company arranged 33,924 finance agreements and £346 million in new business advances through its motor finance brokerage, which continues to be the largest in the UK.
The league table and awards programme is sponsored by BDO and UBS Wealth Management, and is compiled by Fast Track, the Oxford-based research and networking events firm.
Terry Jones, partner and head of Yorkshire at BDO, the title sponsor of the league table, commented:
“These high-growth, high-energy and highly-entrepreneurial companies will be the difference between success and failure in our post-Brexit economic future. These businesses are playing their part by recording strong levels of revenue and profit growth and by creating jobs. We’d like to see the Government do more to help them by focusing on skills, infrastructure investment and tax simplification.”
Evolution was one of seven companies headquartered in the East Midlands which made the prestigious league table. Between them, their contribution to the local economy includes employing a total of 2,400 staff and achieving combined profits of £43m.
Picture shows (left to right): Ellie Hudson – Payout administrator; Jake Houghton – Specialist underwriter; Annie Cater – Underwriter; Imogen Else – Payout administrator; Carly Henman – Sales Support; Jeremy Levine – CEO; Brett Redfern – Payouts deputy team leader; Jonathan Thomas – IRS team leader; Beth Chester – Payout administrator.
Evolution Funding has been placed 78th in the 21st annual Sunday Times Virgin Fast Track 100 league table, which ranks Britain’s private companies with the fastest-growing sales.
The motor finance intermediary has shown annual sales growth over three years of 53%, arranged more than 31,000 finance contracts in 2016 and employs 233 people. They were placed 22nd in the Sunday Times BDO Profit Track 100 earlier this year.
Lee Streets, Chief Operating Officer at Evolution said:
“We are delighted to be included in the 2017 Sunday Times Virgin Fast Track. The last three years have seen us grow rapidly across all parts of the company. To be placed 22nd in the Sunday Times profit track earlier in the year was great, now to be included in the top 100 fastest growing companies as well is just fantastic. It’s great recognition for all the hard work and innovation that our people contribute.”
Jeremy Levine, Chief Executive Officer at Evolution added:
“We’ve continued to drive forward during 2017 and our people are tireless in their commitment and focus. Ending the year featured in the Sunday Times Virgin Fast Track 100 is an exciting and fitting recognition of all the work that goes on behind the scenes.”
The Fast Track 100 is sponsored by Virgin, Barclays, BDO, BGF and Virgin Media Business, and is compiled by Fast Track, the Oxford-based research and networking events firm.
Sir Richard Branson of Virgin, the title sponsor for all 21 years, commented:
“Entrepreneurs are the lifeblood of the economy; driving innovation, creating jobs and challenging industry norms. The achievements of the companies on this year’s Fast Track 100 list are fantastic. It’s clear over the coming years UK business will have to adapt to different conditions and we must do all we can to support our entrepreneurs – who will be the engines of growth for Britain.”
Evolution Funding has been named ‘Best Broker’ for the second consecutive year at the Car Finance Awards 2017.
The prestigious event, which is in its second year, followed a day of networking and industry expert panel discussions around the challenges and opportunities facing the motor industry and motor finance market.
The awards were hosted by ‘original Stig’ Perry McCarthy and are judged by an independent panel of experts from both within and outside of the car finance industry. The ‘Best Broker’ category centres around business performance and growth, with a keen focus on the key performance indicators within the business.
Collecting the award on the night, Jeremy Levine, CEO of Evolution Funding, commented:
“It is something of an achievement for Evolution to receive this award for the second year running and is testament to our continued commitment to delivering market-leading products and technology to our dealer partners. “Our people are constantly striving for ways to improve everything that we do, from innovative finance and technology solutions through to best-in-class service delivery. This award recognises the hard work that goes on behind the scenes and we are grateful to all of our teams for their focus and determination.”
The accolade adds to a successful year of recognition for Evolution Funding. They have been named Motor Finance ‘Intermediary of the Year 2017’, identified as one of London Stock Exchange Group’s ‘1000 Companies to Inspire Britain’, named ‘Fastest Growing Larger Company of the Year’ at the Northern Tech Awards 2017 and ranked 22nd in the Sunday Times BDO Profit Track 100 league table.
• Evolution Funding recognised in fourth edition of London Stock Exchange Group’s 1000 Companies to Inspire Britain report • Identifies fastest-growing and most dynamic small and medium sized businesses (SMEs) across the UK • Third consecutive year of recognition for Evolution Funding
Evolution Funding has been identified as one of London Stock Exchange Group’s ‘1000 Companies to Inspire Britain’. The report is a celebration of the UK’s fastest-growing and most dynamic small and medium sized businesses across the UK.
To be included in the list, companies needed to show consistent revenue growth over a minimum of three years, significantly outperforming their industry peers. More detail on the methodology can be found in the report online at www.1000companies.com.
Evolution Funding employs over 270 people UK-wide. Their main brand, Evolution Motor Finance, is the UK’s largest point-of-sale motor finance broker. The firm also has a vehicle loans business, Evolution Loans, a vehicle rentals brand called EVOGO and a vehicle retail arm, Mike Brewer Motors.
Jeremy Levine, CEO, Evolution Funding said:
“We are delighted to be recognised by the report for the third consecutive year, over which time we have been committed to reinvesting profits in a drive for growth across the group. Additional investment in technology has allowed us to optimise both operating efficiencies and the customer journey. Ultimately, we can now offer greater value to customers and dealers whilst delivering underlying profitability. Reinvestment in our business and our partnerships will continue to drive our growth strategy.”
Xavier Rolet, Chief Executive, London Stock Exchange Group said:
“Four years on, LSEG’s ‘1000 Companies to Inspire Britain’ report continues to highlight the dynamic, entrepreneurial and ambitious businesses across the country that are boosting UK productivity, driving economic growth and creating jobs. The strength and diversity of these companies is readily apparent with a broad mix of UK regions and sectors represented. These companies are the very heart of an ‘anti-fragile’ economy: more robust; more flexible and less prone to boom and bust. We must ensure we continue doing all we can to support high growth potential businesses like these. “London Stock Exchange Group is fully committed to supporting and implementing initiatives which improve access to and cut the cost of finance for growing companies. We welcome the Government’s focus on supporting SMEs as part of its Industrial Strategy and await the outcome of its review into long-term patient capital.”
The Rt Hon Greg Clark, Secretary of State for Business, Energy and Industrial Strategy:
“I want to congratulate the 1000 companies from across the UK featured in London Stock Exchange Group’s pioneering 1000 Companies to Inspire Britain report. Championing high growth innovative SMEs is crucial for the continued success of the UK economy and a country that works for everyone. We are committed to ensuring that companies of all sizes can access finance to grow, scale-up and create high quality well-paid jobs across the country.”
A full searchable database of all of the companies along with a downloadable pdf of the publication can be found online at www.1000companies.com.
Automotive funding and retailing group Evolution Funding has been named ‘Fastest Growing Larger Company of the Year’ at the Northern Tech Awards 2017.
Technology investment bank GP Bullhound this year partnered with Tech North, the government backed tech sector initiative, to find, recognise and celebrate the region’s biggest tech success stories.
The Awards recognise the top 100 fastest growing technology companies in the North and the innovative technologies they have created, as well as identifying the next British tech unicorns.
With a 58% annual revenue growth between the last three years, Evolution not only secured ‘Fastest Growing Larger Company of the Year’ but was also recognised as one of the ‘Top 50 Fastest Growing Technology Companies’, ranking 27th in the table.
Evolution CEO Jeremy Levine said:
“Evolution has consistently had a tech-first approach throughout our brands and we have invested heavily in our technology and systems to deliver a best-in-class finance solution to both our dealer partners and our customers. “Our approach to technology development has helped to drive our growth and expansion and we are delighted to have this recognised by the prestigious Northern Tech Awards”.
The winners of the Northern Tech Awards were decided by a judging panel which included Peter Flint, Founder of real estate site Trulia, along with senior figures within successful businesses such as Barclays, Boohoo, Sky Betting and Gaming, Sage and Wired magazine.
Leading motor finance broker Evolution Funding has been named Intermediary of the Year 2017 at the prestigious annual Motor Finance Awards. This marks the second consecutive year that Evolution has been awarded the title. They were also nominated for Best Digital Innovation.
Held in conjunction with the leading car finance industry journal and Verdict briefing service Motor Finance, this year’s event was hosted at the Westin Grand Hotel in Frankfurt on 16th March.
The awards recognise achievements in the European motor finance industry and challenged candidates to share their recent successes. All winners were selected by an independent judging panel, and by Motor Finance’s editorial team members.
Jonathan Minter, Editor of Motor Finance, said:
“These awards highlight the quality and range of providers and products available to consumers looking to purchase a car on finance, and to recognise some of the best of the best in the industry. The quality of the nominees entering this year’s Motor Finance Awards was extremely impressive. The competition in the categories was extremely tight, and I would like to personally congratulate all of the finalists, as well as the category winners. I would also like to thank each of our expert independent judges, who spent hours reading over the nominees, and judging each category.”
The 2017 Motor Finance Awards gala dinner was preceded by a day conference that brought together captive finance representatives, banks, leasing companies, automotive finance professionals and industry disruptors in discussions around key issues the industry is currently facing across Europe and globally – regulatory updates, leasing developments, consumer behaviour, fleet management and the rise of digital.
The Winners of the 2017 Motor Finance Awards are:
Captive Finance Company of the Year 2017: Hyundai Capital
Intermediary of the Year 2017: Evolution Funding
Sub-Prime Lender of the Year 2017: Billing Finance
Legal Provider of the Year 2017: Shoosmiths
Fleet Services Provider of the Year 2017: Alphabet
Best Finance Product 2017: Codeweavers
Digital Innovation of the Year 2017: Bonafidee
Digital Innovation of the Year: Fleet: Volkswagen Financial Services
Digital Innovation of the Year: Consumer Lending: BMW Group Financial Services
Non -Bank Owned Independent Finance Provider of the Year: Blue Motor Finance
Bank Owned Independent Finance Provider of the Year: Close Brothers Motor Finance
The 18th annual Sunday Times BDO Profit Track 100 league table ranks Britain’s private companies with the fastest-growing profits over three years. The full results will be published this Sunday 2nd April 2017.
Evolution Funding can reveal that they have been placed 22nd in the Fast Track league table. The company has demonstrated an impressive 94% annual profit growth over three years, financing more than 31,000 vehicle loans in 2016 and increasing its rental fleet to 1800.
Jeremy Levine, Chief Executive Officer at Evolution said:
“We have enjoyed tremendous success over the last three years by reinvesting profits in a drive for growth across the group. This has been combined with additional investment in technology that has delivered operating efficiency and an improved customer journey. The net result has seen us offer great value to customers and dealers whilst delivering underlying profitability. We will continue to reinvest in growing our business partnerships.”
Lee Streets, Chief Operating Officer at Evolution, added:
“We are delighted to have been listed in this highly-regarded league table. It has always been something of a personal ambition for Evolution Funding to be recognised by the Sunday Times Profit Track 100 and the accolade is testament to the innovation and commitment of our people.”
The league table and awards programme is sponsored by BDO and UBS Wealth Management, and is compiled by Fast Track, the Oxford-based research and networking events firm.
Richard Rose, partner and head of the Midlands at BDO, the title sponsor of the league table, commented:
“High-growth, mid-sized businesses played a leading role in the UK economic recovery after the global financial crisis. With Brexit and more uncertainty looming, it is companies like these with their natural energy, ambition and entrepreneurial spirit that will help the UK economy thrive. By supporting their growth, government would also be helping to achieve a more regionally balanced economy that ‘works for all’.”
Evolution was one of four companies headquartered in the East Midlands who made the prestigious league table. Between them all they have made a strong contribution to the local economy, employing a total of 1,200 staff and achieving combined profits of £19m.
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