Copper Street One, an entity of UK financial services investor Copper Street Capital, has acquired a majority interest in Motormile Finance (MMF).
MMF said the deal, which closed on Monday (October 9), will provide the firm with capital and resources to better serve its customers and clients.
Denise Crossley, chief executive of MMF, said the company plans to strengthen its existing senior management teams.
Crossley added: “As the only debt purchaser to obtain full authorisation whilst working directly under the scrutiny of the Financial Conduct Authority, I feel we are uniquely positioned to establish MMF as the market leader in both the low-value and short-term debt markets.”
Copper Street Capital, founded in 2015, is focussed on investing in the transformation of the financial services sector and is active in both the public and private markets.
Justin Bull, partner and chief operating officer at Copper Street Capital, said: “We are excited to be partnering with MMF as it embarks on this next phase of its business development.
“Given the changes taking place in the market we believe MMF will be well-placed, given all the work that has gone into transforming its platform.”