Fintech investors take controlling stake in Leicester firm

Two prominent fintech investors have taken a majority stake in LE Capital, the Leicester stock funder for independent car dealers.

Will Neale, founder of mobile payments company, Fonix, which floated in 2020 and Seb McDermott, formerly of Blenheim Chalcot and founder of speciality mortgage lender Koodoo, have taken a controlling stake in LE Capital.

Neale and McDermott said: “We look to invest in specialist lending businesses, like LE Capital, which aim to shake up matured markets and provide an unrivalled customer experience. We are delighted to join the LE Capital team in the next stage of their journey.”

George Stancliffe, LE Capital’s CEO, said: “This is great news not least because it gives us access to new capital to support growth but also to be able to partner with two veterans of the fintech and lending world. We are really looking forward to working with Will and Seb in 2024 and beyond to grow the portfolio and continue to develop our technology platform for customers.”