Carmoola, a UK-based car finance FinTech, has successfully closed a £15.5m equity round to aid the transformation of car financing.
According to Alt Fi, this significant financial milestone follows closely on the heels of their £8.5m Series A round and a substantial £95m debt facility from NatWest last February. The British-Ukrainian startup, distinguished for facilitating over £46m worth of car purchases, is poised to extend its reach to more car buyers with this latest funding.
The investors demonstrating confidence in Carmoola’s vision include QED Investors, known for backing Remitly and NuBank, VentureFriends, InMotion Ventures (part of Jaguar Land Rover), AlleyCorp, and Kyiv-based u.ventures. This diverse group of backers reflects the startup’s strong market potential and innovative approach to car financing.
Carmoola is redefining the car finance industry with its consumer-centric solutions. The company emerged from a need to address the inefficiencies and customer challenges in the used car finance market, which were being overlooked by traditional lenders. Co-founder and CEO Aidan Rushby emphasised the company’s commitment to improving the market, stating, “Carmoola came about because we could see that the used car finance market was broken, but the status quo suited traditional lenders just fine, so nobody was doing anything about it.”
The funds will be channelled towards expanding Carmoola’s market reach, aiming to make car financing more user-friendly and hassle-free. Aidan Rushby envisions a future where car financing is devoid of unnecessary complications, aligning with the company’s ethos of prioritising consumer needs.
QED Investors’ head of Europe, Yusuf Özdalga, praised Carmoola for its role in challenging industry complacency and improving customer outcomes, a sentiment that encapsulates the startup’s innovative drive.
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