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Secured Loans > The Darwin Group secures new round of funding
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.”
Representative 22.93% APRC variable.
For a typical loan of £26,600 over 180 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £484.00. This includes a Product Fee of £2,660.00 (10% of the loan amount) and a Lending Fee* of £763.00, bringing the total repayable amount to £87,030.00. Annual Interest Rates range between 11.7% to 46.5% (variable). Maximum 50.00% APRC. *Lending Fee varies by country: England & Wales £763, Scotland £1,051, Northern Ireland: £1,736.
Think carefully before securing debts against your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
