The Darwin group – which offers secured and unsecured loans to customers through Evolution and Progressive Money – is delighted to announce a new funding facility of in excess of £75m which supports the Groups objective of becoming a leading consumer finance brand in the UK.
The award-winning Evolution, ranked as one of the fastest growing finance companies in the UK as recognised in “The Sunday Times Virgin Fast Track 100”, and its sister company Progressive Money, have built up a substantial loan portfolio, having lent more than £120m in just over 5 years.
Joining the original funding partners, NatWest and Shawbrook Bank, are Insight Asset Management and another UK-based private credit manager, all four of whom have significant experience in financing consumer finance lenders and a shared desire to see Evolution and Progressive Money increase market share through both organic growth and the development of new and innovative products.
Steve Brilus, Chief Executive of Darwin said “We are entering an exciting new phase of growth and I am delighted to have such forward-looking and supportive funding partners investing in our business. This funding provides the springboard to enable us to achieve our ambitious plans and to take Evolution and Progressive Money to the next level”.
Evolution and Progressive Money were advised by the Financial Services Corporate Finance team at EY.
Mat Beaver, Managing Director of Darwin said “We are grateful to Nick Parkhouse and the team at EY for facilitating this transaction. They have worked closely with us in understanding our business and our plans, and have supported us throughout the process.”