Car finance FinTech Carmoola has secured a £300m private asset-backed securities facility.
The partnership with NatWest and Chenavari Investment Managers triples its existing debt facility as it looks to rapidly scale its direct-to-consumer solution.
It says the approach, which eliminates the need for traditional intermediaries, makes car finance simple, accessible and affordable.
Customer numbers have doubled year-on-year.
“This partnership is transformative and marks a major milestone for us,” said Aidan Rushby, founder and CEO. “Not only does it triple our previous debt capacity, but it also provides the scale and efficiency needed to rapidly deploy our 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.”
Frédéric de Benoist, director of capital markets at Carmoola, added: “This new three-year facility represents a major step forward in Carmoola’s funding strategy, replacing early-stage corporate debt with a scalable and cost-effective structure.
“It is designed to support the next phase of our rapid growth, significantly increasing our lending capacity and materially reducing our financing costs.
“The deal reflects the credibility, sophistication and maturity of our operations and opens the door to a broader range of private and public funding options in the future.
“We’re proud to partner with established and respected institutions like NatWest and Chenavari in the next phase of our growth journey.”
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