Lending platform set to pocket loan agency

Lee Streets (Evolution CEO), Katie Hayes (Evolution COO), Andy Shaw (Creditas MD), Teresa Jagger (Creditas Risk & Compliance Director), and Phil Kerr (Creditas Finance Director).

Evolution Funding, a Derbyshire-based leading platform for used auto finance in the UK, is set to acquire motor finance broker Creditas Financial Solutions, pending approval from the Financial Conduct Authority (FCA).

Established in 2007 by Andy Shaw and headquartered in Leeds, Creditas manages a team of 60 employees and oversees four appointed representatives.

Under the umbrella of the Evolution Funding Group, Creditas will maintain its brand identity as a subsidiary, with its current management team continuing to lead operations.

Evolution, based in Chesterfield, has executed several acquisitions as part of its expansion strategy, including automotive Software-as-a-Service provider Click Dealer in 2021 and motor finance broker Motion Finance in 2023.

Following a majority investment from global private equity firm Carlyle in July 2023, Evolution has undergone reinvestment to enhance its platform, technology infrastructure, and digital capabilities.

Lee Streets, CEO of Evolution Funding, said: “The acquisition of Creditas is highly complementary. With little overlap between Creditas and Evolution Funding Group’s dealer partners, it will grow Evolution’s footprint with independent retailers. At the same time, our technology, processes, and partnerships will enhance Creditas’ proposition for dealers, maximising its potential and driving long-term growth across the group.

“We have been impressed with Creditas’ approach to motor finance, the focus they put on building relationships and doing the right thing for consumers, an ethos at the heart of our own operations. We look forward to working closely with Andy and the team to identify further opportunities and harness our mutual strengths.”

Andy Shaw, managing director of Creditas, said: “I am delighted we have joined part of the Evolution Group. Having built Creditas up over the last 17 years now is the time to become part of a much larger entity. We are looking forward to working with Lee and his team moving forward – it’s going to open a lot of new options for the benefit of our dealers.”

Creditas was advised by Peter Williams, David Kendrick, and Fraser Pirie of UHY Hacker Young (Manchester) LLP.