A partnership between Evolution Funding and Motiv Finance will see the two companies join forces to build new technology products for the motor finance market, according to a press release.
A collaboration agreement will see the two share elements of their existing credit pre-screening technologies, with plans to co-build a joint solution. Both will commit an undisclosed amount of R&D investment into the project which will underpin components of Evolution’s new CreditScanner product, the press release said.
Go deeper with GlobalData
Evolution and Motiv will also cooperate on other projects including consumer self-serve automation and data intelligence.
Lee Streets, Evolution’s chief executive, said: “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.”
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.”
Evolution’s CreditScanner, which is due to launch in 2023, will offer 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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataEvolution Funding hits £1bn milestone
Earlier this month, Evolution Funding celebrated a key milestone of transacting £1bn in motor finance advances in the calendar year so far, with total platform transactions of more than £1.5 billion.
This comes seven months after the business posted a record month in March of £117.4m in advances.
Lee Streets, CEO, said: “Part of our mission was to intermediate £1bn 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.”
New car finance: automating the counteroffer process
