Centeca, the UK-based automotive commerce platform, has appointed Jesper With-Fogstrup as group CEO.
The appointment comes just a week after With-Fogstrup left his role as group CEO of customer services provider Moneypenny.
Lee Streets, a co-founder who has overseen Centeca’s transformation from a motor finance brokerage into an automotive commerce platform, will move from group CEO to group chair.
He will remain closely involved in the business, supporting With-Fogstrup and the leadership team in shaping the group’s long-term strategy.
Both appointments are subject to FCA approval.
Previously known as Evolution Funding Group, Centeca brings together automotive finance, digital retail and compliance technology.
The group supports more than 5,500 transacting retailers and facilitates over £6.5bn in annual loan advances through its platform.
Its brands include Evolution Funding, Click Dealer, Motion Finance, Creditas Financial Solutions and Automotive Compliance.
Centeca’s technology expertise is rooted in Evolution Funding, which works with many of the UK’s largest lenders, vehicle manufacturers and dealer groups and has helped transform how automotive finance is delivered.
Evolution’s innovations include the industry’s first finance pre-eligibility technology and an end-to-end automated digital finance journey.
Its technology powers Cinch’s digital offering and white-labelled solutions for two major vehicle manufacturers, enabling customers to complete the entire financing process online in a single browser session – a capability previously unavailable in the sector.
The business has also pioneered digital regulatory compliance, translating complex regulatory rules into automated, compliant outcomes.
Its proprietary Credit Score Based Pricing technology and digital checkout journey for consumers aim to set new standards for compliance and transparency in UK automotive finance.
Investment
The group’s growth and M&A activity over the last six years have been supported by two rounds of investment, first from LDC and subsequently from Carlyle’s Europe Technology Partners V fund.
Centeca is now further developing its proprietary full-stack automotive commerce platform, harnessing advances in AI to better integrate finance, retail, compliance and data and deliver a more seamless customer experience for dealers, vehicle manufacturers and lenders.
With-Fogstrup brings extensive leadership experience spanning global banking, FinTech, property technology and AI-enabled services.
During his two-year tenure as group CEO of Moneypenny, he oversaw the introduction of AI voice agents and receptionists alongside its people-led services.
His previous roles include managing director and global head of digital as a channel at HSBC, where he was responsible for digital services reaching 38 million customers across 16 markets.
As chief operating officer and managing director at Compare the Market, he helped grow the regulated FinTech business and was part of the team that secured investment from CPPIB in 2018.
Lee Streets said: “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.
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“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.”
Jesper With-Fogstrup said: “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.”