The British company Car finance fintech Carmoola announced that it managed to attract investments in the amount of 8.5 million pounds following the results of the Series A financing round.

Source: Pixabay.com

This firm secured another 95 million pounds with the help of a debt mechanism. The Series A funding round was conducted by QED investors, VentureFriends, and InMotion Ventures, the investment arm of Jaguar Land Rover, also participated. NatWest provided a credit line.

Carmoola offers customers a Neo Car Finance product. This product is designed to reduce the time spent on completing the car purchase process from a few days to a few minutes.

The company has created and patented technology and systems to simplify the process, which provides customers with a budget, generate a free check of the vehicle’s history, and allows you to make payments both instantly online and in the showroom in just 60 seconds using a virtual Carmoola card. The firm helps to get a loan in the shortest possible time and according to the simplest procedure.

Carmoola CEO Aidan Rushby says that used car financing is fully ready for the fintech revolution. He noted that consumers want to be able to make purchases anywhere, knowing the limits of the available budget and not being obliged to send a lot of forms and payslips.

The CEO of the company also stated that inflated rates, manipulated commissions, and a low level of service quality create a negative situation for the consumer, but the root cause of this state of affairs is the process of obtaining financing from the point of view of its systemic features.

The abundance of paperwork and the unjustified duration of procedures contribute to the fact that when buying a vehicle, the consumer is forced to leave interest in the car in the background and direct efforts to overcome various kinds of bureaucracy.

As we have reported earlier, Vexi Raises $8 Million to Expand Access to Credit in Mexico.