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January 18, 2024

Carmoola Drives UK Market with £15.5 Million Investment Boost

The UK fintech big in direct-to-consumer car finance, is set to accelerate its journey with a huge £15.5 million

In the ever-evolving landscape of UK car finance, Carmoola, the fintech trailblazer specializing in direct-to-consumer car finance, has clinched a game-changing £15.5 million equity investment. This financial triumph comes hot on the heels of a substantial £8.5 million Series A round and a staggering £95 million debt facility secured back in February 2023. The driving force behind this injection of funds includes a stellar lineup of backers: QED Investors, the US fintech maestros; VentureFriends; InMotion Ventures, the investment arm of Jaguar Land Rover; AlleyCorp from the bustling streets of New York; and from the tech hub of Kyiv.

Founded in 2021 by Aidan Rushby (the brains behind home rental app Movebubble), Amy McKechnie, and Ukrainian co-founders Roman Sumnikov and Igor Gordiichuk, Carmoola embarked on a transformative mission in March 2022. The goal was clear: revolutionize the car finance market, and the results speak volumes.

Carmoola's proprietary technology, meticulously crafted by a diverse team spanning Ukraine and Poland, sets it apart. Aidan Rushby, the CEO and co-founder, emphasizes the strength derived from a team with varied backgrounds—finance, technology, analytics, marketing—all converging to create a customer-centric and inclusive car finance experience.

Since its launch, Carmoola has facilitated over £46 million worth of car purchases, earning a stellar 4.9/5 rating from over 1,000 TrustPilot reviews. Rushby's vision goes beyond mere transactions; it's about rebalancing car finance in favor of buyers.

Carmoola's disruptive approach tackles the industry's pitfalls head-on. The platform offers a transparent, accessible, and user-friendly alternative, giving buyers unprecedented control. Through the app, users can set budgets, arrange loans, and wield Apple Pay for seamless transactions.

Post-purchase, Carmoola continues to shine, allowing customers to manage their loans effortlessly. Users can tailor their loan terms, make additional payments without penalties, and adjust payment schedules—all within the app.

Yusuf Özdalga, head of Europe and partners at QED Investors, applauds Carmoola's fresh perspective, noting that it disrupts a complacent industry, addressing customer issues and dismantling unnecessary hurdles.

Armed with the recent funding infusion, Carmoola is poised to empower more individuals to realize their dream of car ownership. The used-car finance market, currently at £100 billion, is forecasted to surge by 90% to £190 billion by 2027. Aidan Rushby envisions Carmoola as a catalyst for industry transformation, ushering in transparency, affordability, and convenience.

In his words, "We want Carmoola to be more than a car finance company. We want to be a trusted partner in people’s car ownership journey, helping them achieve their mobility goals with confidence and peace of mind." With Carmoola at the wheel, the future of car finance is not just a transaction; it's a "wow" experience in an industry often labeled as "meh."

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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