The new agreement refinances Evolution’s existing facilities with senior funding now supplied by NatWest Markets and mezzanine funding provided by Castlelake L.P, a global alternative investment firm.

Evolution Money chief executive Steve Brilus says: “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.”

Evolution Money chief financial officer Ben Guvenc says: “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.”