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Carmoola fuels up with $15.5 million to revolutionize car finance.

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TLDR:

Carmoola, a UK fintech specializing in direct-to-consumer car finance, has raised £15.5 million ($20.6 million) in equity investment. The fundraising follows a £8.5 million Series A round and a £95 million debt facility that the company secured in February 2021. Carmoola aims to transform the car finance market by providing an app-based mechanism for fast finance approval tailored to an individual’s specific needs, and has already supported the purchase of over £46 million worth of cars. The new funding will be used to scale the business and reach more car buyers.

Key elements:

  • Car finance fintech Carmoola has raised £15.5 million in equity investment.
  • The UK-based company launched its app in March 2022 to provide a fast finance approval mechanism tailored to an individual’s needs.
  • The funding comes at a time when many lenders are facing the prospect of an FCA probe into the potential mis-selling of car finance.
  • Carmoola aims to make car financing user-friendly and hassle-free and has already supported the purchase of over £46 million worth of cars.
  • The new funding will be used to scale the business and reach more car buyers.
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