London-based fintech Carmoola has secured a £15.5m equity investment from a group of investors including US-based fintech firm QED Investors, the investment arm of Jaguar Land Rover, and Kyiv-based u.ventures. This latest funding round comes after the firm secured an £8.5m series A round and a £95m debt facility in February 2023, and demonstrates confidence in Carmoola’s innovative approach to simplifying car finance for UK consumers and its strong performance. The funds will be used to expand its customer base and make further inroads into the UK’s £100bn used car finance market, which is predicted to grow to £190bn by 2027. Carmoola’s mission is to transform the complex car finance market and put power back in the hands of buyers by removing knowledge imbalances. With this investment, Carmoola’s total funding amounts to £146m, with CEO Aidan Rushby stating that their goal is to make car financing as user-friendly as possible.
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