UK-based Fintech Carmoola has secured a £100 million debt deal with NatWest, aiming to boost car sales and loan originations. The deal is expected to generate billions of pounds over the next five years, Tech.eu reports.

About Carmoola

  • Launched in March 2022 by Aiden Rushby, Amy McKechnie, and Ukrainains Roman Sumnikov and Ihor Hordiychuk, Carmoola offers a direct-to-consumer car financing solution, utilizing technology to streamline the process from loan application to vehicle checks and purchase, eliminating the extra costs, paperwork, and uncertainty associated with traditional car financing.

  • Carmools’s partnership with NatWest enhances dealership-beating rates and signifies a shift in the industry towards direct-to-consumer financing, paving the way for future financing.

Investment details

  • The £100 million debt deal was made with NatWest,  a major retail and commercial bank in the United Kingdom based in London. The deal aims to boost car finance by enabling more people to find and buy cars.

  • It is expected to result in billions of pounds worth of loan originations over the next five years, accelerating Carmoola's goal of transforming the car finance industry by offering a fast, fair, and affordable alternative to intermediaries.

  • According to the company, clients will find it simpler than ever to obtain the finance they require with the new rates that they can instantly make use of.

"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. 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,” Aidan Rushby, founder and CEO of Carmoola, stated.

AIN reminds its readers that earlier in 2024, Carmoola raised £15.5 million in an investment from QED Investors, VentureFriends, InMotion Ventures, AlleyCorp, and Kyiv-based u.ventures.