Evolution parent secures £100m in funding

The recent funding facility was provided by Insight Asset Management and an undisclosed UK-based private credit manager, joining Darwin’s existing funding partners NatWest and Shawbrook Bank.
 
Darwin Group, which celebrated its sixth anniversary last month, was established following a tightening of lending criteria following the 2008 recession. Since its launch in 2011, the business has lent more than £120m.

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.
 
“The funding also provides the building blocks for further internal opportunities as the business expands from its Manchester base, allowing us to invest in all operational areas as well as staff training and development.”
 
Mat Beaver, Managing Director of Darwin, added: "We are grateful to Nick Parkhouse and the team at Ernst and Young for facilitating this transaction. They have worked closely with us in understanding our business and our plans, and have supported us throughout the process.
 
“Our vision is to be the market leading specialist lender of choice for our customers with the ambition to have a wide portfolio of direct lending options that satisfy the needs of consumers. The investment allows us to invest in the tools, whether they be internal or externally sourced, to allow us to achieve this.”