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Centeca has appointed Jesper With-Fogstrup as Group Chief Executive Officer in a leadership change that will see co-founder Lee Streets become Group Chair.
Both appointments are subject to Financial Conduct Authority approval. With-Fogstrup joins as the group expands its automotive commerce platform, which supports more than 5,500 transacting retailers and facilitates more than £6.5 billion in annual platform loan advances.
Previously known as Evolution Funding Group, the business brings together automotive finance, digital retail and compliance technology. Its brands include Evolution Funding, Click Dealer, Motion Finance, Creditas Financial Solutions and Automotive Compliance.
Streets has led the company's shift from a motor finance brokerage to a broader automotive commerce platform. As Group Chair, he will remain involved in the group's long-term direction and support the incoming Chief Executive Officer and leadership team.
With-Fogstrup joins from Moneypenny, where he most recently served as Group Chief Executive Officer. He has held senior roles across banking, fintech, property technology and AI-enabled services.
Earlier in his career, he was Chief Executive Officer of Smoove, where he led its development into a digital platform and oversaw revenue growth and margin improvement before its sale to PEXA. He also held roles at HSBC, including Managing Director and Global Head of Digital as a Channel, with responsibility for digital services used by 38 million customers across 16 markets.
At Compare the Market, he served as Chief Operating Officer and Managing Director, and was part of the team that secured investment from CPPIB. That background is expected to support the next stage of growth at Centeca, which is backed by LDC and later by Carlyle's Europe Technology Partners V fund.
Technology focus
Centeca traces much of its technology development to Evolution Funding, which works with lenders, vehicle manufacturers and dealer groups in the UK. Earlier product launches included finance pre-eligibility technology and an automated digital finance journey covering the full process from application to completion.
Its systems also power Cinch's digital finance offering and white-label services for two vehicle manufacturers. These tools allow customers to complete the financing process online in a single browser session.
The group has also developed compliance technology designed to automate regulatory rules in automotive finance. This includes proprietary credit score-based pricing and a digital checkout process intended to improve transparency for consumers.
More recently, Centeca introduced products including Dealer in a Box, which combines digital commerce, automotive finance and compliance functions. Through Click Dealer, it has also launched a ChatGPT-based car search app that directs buyers to dealers' own websites rather than a marketplace.
Leadership transition
Streets described the appointment as the next step in the company's development.
"For more than 20 years, we have challenged how automotive finance works, developing technology that has moved the industry forward. In that time, we have grown from a single business into a group of specialist brands to create a unique automotive commerce proposition. I am incredibly proud of the people who have built this business and the foundations we have laid together.
"Jesper's appointment is part of that continuing journey. His extensive leadership experience and deep understanding of technology-led growth will help us build on our achievements and deliver our vision faster. As Group Chair, I look forward to working alongside him and remaining closely involved in a business that means so much to me," said Streets.
With-Fogstrup pointed to changing consumer expectations shaped by mainstream digital services.
"Customer expectations are shaped by the digital services they use every day, whether that's booking an Uber in a few taps or using ChatGPT to research a purchase. They bring those expectations of convenience and simplicity to buying a car, too. That is a significant opportunity for Centeca.
"Lee and the team have built a business with the capability to turn that ambition into reality. I'm excited about how much further we can go together: making the journey from finding a vehicle to arranging finance simpler, with technology that makes the whole process work better for everyone involved," said With-Fogstrup.