UK car finance fintech Carmoola secures £95m debt facility from NatWest
UK-based car finance fintech Carmoola has secured a £95 million debt facility provided by NatWest along with £8.5 million in a Series A funding round led by QED Investors.
The Series A also included participation from existing investors VentureFriends and InMotion Ventures, the investment arm of Jaguar Land Rover.
Launched 10 months ago, Carmoola aims to provide a “neo car finance” product that reduces the time needed to buy a car from days to “just minutes”.
Carmoola’s platform provides buyers with a budget, generates a free history check on their selected car, and allows payment to be made “both instantly online and at the showroom within just 60 seconds” using a Carmoola virtual card.
“Frustrated consumers are being put in a corner with excessive rates, manipulated commission, and poor customer service, but it’s the very process of getting finance that is at the heart of the problem,” says Carmoola CEO Aidan Rushby.
“Used-car finance couldn’t be more ready for a fintech revolution. Consumers want the freedom to go shopping anywhere, knowing what they can spend, without sending off reams of forms and payslips.”
With the fresh funding, Carmoola plans to scale its business and grow its staff headcount to 20 people to help meet demand.