Car financing FinTech Carmoola has announced a major new debt deal with NatWest worth £100 million.
The company says the deal will enable Carmoola to broaden and better serve its customer base, offering ‘dealership-beating’ car finance rates. It claims to provide a fast, fair and affordable way for consumers to get car finance directly, rather than through an intermediary.
Carmoola now expects to deliver billions of pounds worth of loan originations over the next five years.
“Through this new deal with NatWest, we’re again showing our commitment to putting customers first, at a time when our hassle-free and user-friendly approach is needed more than ever,” said Aidan Rushby, founder and CEO.
“We’ve been working on this partnership for some time, and I am so excited that we can now provide our customers with even more amazing rates.
“This partnership not only enhances our ability to offer dealership-beating rates, but also underscores a shift in the industry. The future of car financing is direct-to-consumer, and we are at the forefront of this change.
“Our goal is to make car financing as straightforward, transparent, and cost-effective as possible, and this deal will help us do that for even more car buyers.”
George Ross, managing director and head of speciality finance at NatWest, said: “We’re proud to partner with Carmoola, who are doing great things in the car finance industry and driving innovation in the sector.
“This £100 million deal is a vote of confidence in Carmoola and a commitment to the financial wellbeing of car buyers across the UK.”
Customers will be able to take advantage of new rates immediately.