Carmoola has raised £103.5m in a mix of debt and equity
IN BRIEF:
- The British-Ukranian startup launched just 10 months ago and has raised £8.5m Series A alongside a £95m debt facility from NatWest
- The round was led by US-based fintech specialists QED investors with participation from existing investors VentureFriends and Jaguar Land Rover’s investment arm InMotion Ventures
- It plans to use the funds from the round to scale the businesses and support growing demand by expanding its team
What does this mean?
“Used-car finance couldn’t be more ready for a fintech revolution,” Carmoola CEO Aidan Rushby said. “Consumers want the freedom to go shopping anywhere, knowing what they can spend, without sending off reams of forms and payslips. 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. It’s full of paperwork, lengthy processes, and lack of certainty, but most importantly, car finance is obtained after the consumer has fallen in love with the car they want, which wholly puts them on the back foot. Until now, that is.”
