British-Ukrainian fintech Carmoola secures £15.5M in equity investments

Carmoola, a London-based fintech specialising in direct-to-consumer car finance, has announced a £15.5 million equity investment from a number of prominent investors. The list includes QED Investors, VentureFriends, InMotion Ventures, AlleyCorp, and Kyiv-based u.ventures.

• Launched in March 2022 by Aiden Rushby, Amy McKechnie, Roman Sumnikov, and Ihor Hordiychuk, Carmoola identifies as a neo car finance company. While its main office is situated in London, most of its developers are based in Lviv, as indicated on the company’s LinkedIn profile.
• The company is transforming the complex car finance market by putting the power back in the hands of buyers and removing the knowledge imbalance that comes with traditional and outdated lending models. The company already boasts an average Trustpilot rating of 4.9 out of 5, from over 1,100 verified customer reviews.
• The significant raise follows an £8.5 million Series A round and a £95 million debt facility (both secured in February of 2023). Back then, the round was led by the current investors, US-based fintech specialists QED Investors, VentureFriends, and InMotion Ventures.

• New York-based AlleyCorp and Kyiv-based u.ventures are the new additions to the pool of investors. u.ventures, in particular, is the venture capital arm of Horizon Capital, focusing on early-stage deals with $15 million in assets.

Through our VC fund, u.ventures, we are glad to have joined Carmoola’s new round. Aidan Rushby thank you for having us! A UK-Ukrainian startup, Carmoola is an FCA-regulated, app-based used car finance lender in the UK, operating based on the direct-to-consumer business model. The company provides customers with a seamless, cost-efficient, and fully automated way to finance used car purchases in minutes and without a middleman,

Bogdan Svyrydov, Venture Director at u.ventures, commented.

• This investment takes Carmoola’s total funding to date to £146 million (including a £95 million debt facility).