Two prominent fintech investors have taken a majority stake in LE Capital – one of the UK’s fastest-growing stock funders for independent dealers.
LE Capital said it signified an important milestone in its growth journey.
Will Neale, founder of mobile payments company Fonix, which underwent an IPO (whereby shares in a private corporation are offered to the public for the first time) in 2020, and Seb McDermott, ex-Blenheim Chalcot and founder of speciality mortgage lender Koodoo, completed a transaction last month to take a controlling stake in LE Capital.
Neale and McDermott are both highly regarded fintech specialists who have a successful history of investing in businesses with strong product propositions and growth trajectories.
LE Capital is one of the UK’s leading stock funders and offers a hassle-free and superfast stock funding product to independent car dealerships.
Its unique stocking product makes payouts to dealerships within just three hours of a request, allowing customers to better manage their cashflow and maximise cash availability.
Customers also benefit from one simple fixed monthly payment as well as not having to make early capital repayments for up to 120 days and with refinancing available for up to 240 days.
Neale and McDermott commented: ‘We look to invest in specialist lending businesses like LE Capital, which aim to shake up matured markets and provide an unrivalled customer experience.
‘We are delighted to join the LE Capital team in the next stage of their journey.’
George Stancliffe, LE Capital’s CEO, said: ‘This is great news, not least because it gives us access to new capital to support growth but also to be able to partner with two veterans of the fintech and lending world.
‘We are really looking forward to working with Will and Seb in 2024 and beyond to grow the portfolio and continue to develop our technology platform for customers.’
LE Capital has ambitious product development plans for 2024 to support its growing customer base, including a new interactive dealer portal.
Over the past year, it has also launched several new APIs with some of the UK’s biggest auction houses, with plans under way to extend this further in 2024.
LE Capital’s growing API (application programming interface) network gives customers even more choice when sourcing quality stock, and facilitates instant approval for vehicle funding.
For more information, visit https://www.lecapital.co.uk/.