UK-based Fintech Startup Carmoola Raises £300 Million To Expand Car Finance Offering

Carmoola offers a direct-to-consumer model that removes traditional intermediaries, making car finance simpler, more accessible, and affordable. This approach has led to rapid growth, with its customer base doubling year-on-year.

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Founder and CEO Aidan Rushby said the new partnership has tripled Carmoola’s previous debt capacity and gives the company the scale and efficiency needed to deliver fast, fair, and transparent car finance to more UK consumers.

“By providing a clear, simple and affordable way for people to arrange their car finance before they even set foot on a forecourt, and by removing the need for them to go through an intermediary, we have been able to empower consumers with better deals and more control over the car buying process.

This is the power of our ‘finance-first’ proposition, and now we have the capital to do this for even more car buyers, while maintaining our unwavering focus on delivering an industry-leading experience for our customers.”

George Ross, Managing Director and Head of Specialty Finance and FinTech at NatWest, said: “We’re really pleased to continue supporting Carmoola’s growth with this new facility and associated hedging at such a pivotal stage in their development.

“This partnership underlines our confidence in Carmoola’s platform and our shared commitment to helping scale responsible, technology-led lending. ”

Loic Fery, CEO and co-CIO at Chenavari Investment Managers, said: “This £300 million credit origination facility emphasises our conviction in the strength, scalability and defensibility of Carmoola’s direct-to-consumer model.”

About Carmoola

Founded in 2021, Carmoola is revolutionizing car finance by letting you get approved in just minutes. Its direct-to-consumer model cuts out traditional middlemen, making the process simpler, more accessible, and affordable. This fresh approach has fueled fast growth, with the customer base doubling every year.