Evolution Funding is set to acquire motor finance broker Creditas Financial Solutions pending FCA approval. The move aims to expand dealer access to Evolution Funding’s finance platform and broad lender panel.
Established in 2007 and headquartered in Leeds under MD Andy Shaw, Creditas Financial Solutions boasts a team of 60 employees and oversees four Appointed Representatives.
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Following the acquisition, Creditas will continue operating under its own brand as a subsidiary of Evolution Funding Group, with its existing management team retained.
In a statement, the company said the acquisition aligns with Evolution Funding’s expansion plan, which includes previous acquisitions such as automotive Software-as-a-Service provider Click Dealer in 2021 and motor finance broker Motion Finance in 2023.
The company received a majority investment from global private equity firm Carlyle in July 2023, enabling further investment in technology and digital capabilities.
Lee Streets, CEO of Evolution Funding, expressed optimism about the acquisition, highlighting its potential to grow Evolution’s presence with independent retailers while enhancing Creditas’ proposition for dealers.
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By GlobalDataAndy Shaw, Managing Director of Creditas, shared his excitement about joining the Evolution Group, citing the opportunities it presents for both companies.
The deal was advised by Peter Williams, David Kendrick, and Fraser Pirie of UHY Hacker Young (Manchester) LLP on behalf of Creditas.
