Carmoola, a London, UK-based car finance fintech company, raised £103.5M in Series A and Debt funding.
An £8.5M Series A round was led by QED Investors, with participation from existing investors VentureFriends and InMotion Ventures. A £95M debt facility was provided by Natwest.
The company intends to use the funds to scale the business, and support customer adoption. The plan is to grow the team to 20 people.
Led by CEO and Founder Aidan Rushby Amy McKechnie (Director of Product and Marketing), Roman Sumnikov (Chief Technology Officer) and Igor Gordiichuk (Chief Information Officer), Carmoola leverages proprietary technology and systems to enable a streamlined process that provides buyers with a budget, generate a free history check on the car, and allow payment to be made both instantly online and at the showroom within just 60 seconds using a Carmoola virtual card. The company offers additional consumer benefits, value finance that cuts out the middleman, and flexible in-app financing, so users can increase payments, make overpayments, or completely pay off loan without incurring any penalties or charges.
Carmoola will also be launching green discounts in the coming months, which aim to incentivise consumers to utilise more sustainable choices.
FinSMEs
21/02/2023