Lloyds Banking Group has invested £4m in Caura, a firm that simplifies admin by sending drivers information and reminders to stay compliant.
Caura for iOS and Android provides a single interface for all driving-related payments. The company sends drivers relevant information and timely reminders to help them stay compliant.
By seamlessly managing car insurance, MOT, vehicle tax, tolls and city charges, Caura claims it saves drivers valuable time and money.
The investment from Lloyds Banking Group will support the development of new and existing products and services for both consumers and businesses including vehicle maintenance and UK-wide parking for both iOS and Android apps.
Caura CEO and founder Sai Lakshmi said, “Lloyds Banking Group’s investment will help accelerate our plans to improve Caura for our consumer customers and our industry partners. As part of our mission to take the pain out of driving, we have already simplified payments for tolls, city charges and vehicle excise duty.
“Our next step is to apply our technology to overhauling the car insurance and maintenance processes which have remained antiquated and resistant to change.
“Lloyds Banking Group and their proactive approach to innovation is incredibly exciting, and the cross-pollination of ideas between our respective teams will allow us to deliver an innovative suite of products and services that the market has not seen before to customers ranging from drivers through to vehicle manufacturers.”
Suppli, a digital accounts receivable platform for the construction industry, has recently netted $3.1m in its seed funding round.
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