Carmoola, a UK-based fintech that is transforming car finance, has completed a £300 million private asset-backed securities (ABS) facility, in partnership with NatWest and Chenavari Investment Managers. This brings the company’s funding to over £540 million.
Carmoola’s direct-to-consumer approach, which eliminates the need for traditional intermediaries and makes car finance simple, accessible and affordable, has rapidly gained traction, with customer numbers doubling year-on-year.
According to Aidan Rushby, Founder and CEO of Carmoola, the partnership not only tripled its previous debt capacity but also provides the scale and efficiency needed to rapidly deploy its fast, fair, and transparent car finance for the benefit of 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.”
Lead image: Aidan Rushby, Founder and CEO of Carmoola. Photo: uncredited.
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