London-based Carmoola, which claims to turn car finance on its head, has raised £27m in seed funding.
The round was led by Jaguar Land Rover’s investment fund, InMotion Ventures, VentureFriends, BCI, Truesight Ventures and California-based Clocktower Ventures. The seed round also included a host of high-profile angels that have backed companies such as Revolut, Marshmallow, Clearscore and Monzo, including the former managing director of Google (UK and Ireland), Dan Cobley.
Founded by British and Ukrainian executives: Aidan Rushby, Amy McKechnie, Roman Sumnikov, and Igor Gordiichuk; Carmoola said it empowers consumers with a budget and finance decision in 60 seconds, giving them the freedom to buy a vehicle instantly with a virtual card online at places like Cazoo, cinch or at any car dealership.
Cutting out the middleman, saving buyers money with better value finance and discounts for choosing green cars, Carmoola aims to breaks the rigidity of traditional contracts, allowing motorists the flexibility to adjust terms and payments simply in-app.
The startup is encouraging consumers to rethink the way they pay for a second hand car – understanding what they can afford first, before beginning their search.
The investment will be used to develop the product and launch the initial stages of the business.
Aidan Rushby, Carmoola’s CEO, said, “There’s an incredible FinTech revolution going on. And yet, car financing seems to have been forgotten about. It’s like a complete old banger. The freedom to go shopping anywhere, knowing what you can spend, without sending off reams of forms and payslips, puts the consumer immediately in control of their car purchase.”
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