British-Ukrainian fintech Carmoola raises $125M in Series A round

Carmoola, a London-based car lending startup, has raised $125 million, reports. Among the fintech’s co-founders are two Ukrainians — Roman Sumnikov and Ihor Hordiychuk.

  • Carmoola, which describes itself as a neo car finance, was launched in 2022 by Aiden Rushby, Amy McKechnie, and Ukrainians Roman Sumnikov and Ihor Hordiychuk. Carmoola’s headquarters is in London, but as stated on its LinkedIn, most of the developers are located in Lviv.
  • The startup is developing an app that allows users to take out a car loan and pay it off through a personal plan. According to the company, its product simplifies the process of car checking, finance obtaining, and payment — this can be done online or in the salon using a virtual card.
  • As part of the new Series A round, Carmoola received more than $10 million from QED Investors, VentureFriends, InMotion Ventures, as well as Jaguar Land Rover’s investment department. Another $115 million came from the British bank Natwest in the form of credit financing.
  • The fresh investment will allow Carmoola to scale up and attract more customers. In addition, the startup plans to increase its team to 20 specialists.