Carmoola
| Company type | Private |
|---|---|
| Industry | Financial technology |
| Founded | 2021 |
| Founders |
|
| Headquarters | , United Kingdom |
Area served | United Kingdom |
Key people | Aidan Rushby (CEO) |
| Products | Car finance mobile app |
| Website | carmoola |
Carmoola is a British–Ukrainian financial technology company that provides car finance through a mobile app.[1] Founded in 2021, it is described as a "neo-car-finance" provider aimed at lowering costs and paperwork for used-car purchases.[2][3]
History
[edit]Carmoola was founded in London in 2021 by Movebubble co-founder, Aidan Rushby, Amy Rushby, and Ukrainian engineers Roman Sumnikov and Igor Gordiichuk, who had previously worked together at Movebubble.[2][4][5] After an internal beta late in 2021, Carmoola app launched in March 2022, allowing borrowers to set a budget, run a free vehicle-history check and pay sellers via Apple Pay or Google Pay.[6][7] Carmoola reported processing more than two million loan applications within two years of launch.[2]
In April 2022, Carmoola raised £27 million in seed funding led by InMotion Ventures (the venture arm of Jaguar Land Rover) with VentureFriends, BCI and Clocktower Ventures participating.[8] A £103.5 million Series A funding in February 2023 combined £8.5 million of equity-backed by QED Investors, VentureFriends and InMotion Ventures, with a £95 million debt facility from NatWest.[9][10]
In January 2024, Carmoola secured a £15.5 million Series A extension from QED Investors, AlleyCorp and Kyiv-based u.ventures.[11][12][13] In October 2024, Carmoola created "Moola in My Wallet (Sat Nav Rap)", a music collaboration with UK artist Professor Green.[14]
Platform
[edit]The Carmoola app conducts an affordability check using open banking data and a proprietary credit-pricing algorithm, quoting annual percentage rates and offering flexible in-app repayments.[11] A virtual Mastercard issued in the customer's name allows payment online or at a dealership.[2] In August 2024, Carmoola launched a "courtesy-dad" advisory service that pairs inexperienced buyers with volunteer mentors during the purchase process.[15]
References
[edit]- ^ Sieg, Jennifer (30 January 2024). "With failure came great success, says Carmoola founder and CEO". City A.M.
- ^ a b c d Tobin, Lucy (8 May 2024). "Carmoola boss wants app to be 'everything' for motorists". Evening Standard. Retrieved 9 May 2025.
- ^ Butcher, Mike (23 February 2024). "Two years since Russia's invasion, Ukraine's startups soldier on". TechCrunch. Retrieved 9 May 2025.
- ^ Cullen, Patricia (Nov 4, 2024). "Resilience and Reinvention in the Car Finance Sector".
- ^ Dawkins, Mia; Sun, Yazhou; Thomson, Amy (October 22, 2024). "These Are the Top 25 UK Startups to Watch for 2024". Bloomberg.
- ^ "Motor finance startup Carmoola fuels up with £27 million in funding". Finextra. 11 April 2022. Retrieved 9 May 2025.
- ^ Turner, Aimee (6 December 2023). "Carmoola brings Apple Pay to the car finance industry".
- ^ Sharpe, Tom (8 April 2022). "British-Ukrainian car finance start-up Carmoola attracts £27m funding".
- ^ O'Boyle, Daniel (22 February 2023). "British-Ukrainian car finance startup Carmoola raises £103.5 million". Evening Standard. Retrieved 9 May 2025.
- ^ Maguire, Jessica (2 March 2023). "Carmoola raises £103.5m funding to help drive growth plans".
- ^ a b Burroughs, Callum (16 January 2024). "Carmoola raises a further $19.7 million Series A extension". Business Insider. Retrieved 9 May 2025.
- ^ Lawrence, Cate (16 January 2024). "Carmoola secures a further £15.5 M investment". Tech.eu. Retrieved 9 May 2025.
- ^ Британсько-український стартап Carmoola залучив £15,5 млн. AIN.ua (in Ukrainian). 17 January 2024. Retrieved 9 May 2025.
- ^ Pelley, Rich (21 October 2024). "Professor Green's honest playlist". The Guardian.
- ^ Wright, Joe (20 August 2024). "The 'rent-a-dads' helping the young buy their first car". The Telegraph. Retrieved 9 May 2025.