This refinances its existing facilities with senior funding provided by Natwest Markets and mezzanine funding supplied by alternative investment firm Castlelake L.P.
Since its launch in 2011, the lender has issued loans to more than 24,000 customers totalling more than £350m. The securitisation will support its growth and product development.
Steve Brilus, CEO of Evolution Money, said: “I am delighted to announce the completion of our first private securitisation which we have achieved with the ongoing and unwavering support of Natwest Markets and Castlelake L.P.
“A big thank you must go out to our legal counsel at TLT and advisory partners at EY who have both done an amazing job alongside our funding partners in structuring the deal.
“This additional capital allows for continued growth in our sector, the ongoing development of our product portfolio and the delivery of our business purpose to support financial inclusion. I am very excited for the future and feel we are perfectly positioned to achieve our strategic plan.”
Ben Guvenc, chief financial officer of Evolution Money, added: “Working closely with our funding partners at Natwest Markets and Castlelake L.P, our legal counsel at TLT, and our advisory team at EY, has been a pleasure over the last few months and I am very pleased that we have been able to conclude this transaction with such speed, precision, and success.
“I would also like to mention and give special thanks to all our internal teams at Evolution who have demonstrated absolute dedication over the last six months and displayed our values throughout. We couldn’t have done it without them, and they deserve recognition for what they have helped us achieve.”