London-based startup Carmoola, whose founders include Ukrainians, has raised £15.5M to develop its online platform, which offers a “buy now, pay later” option for car purchases. The total investment amount raised by the project to date is now approximately £157.4M.
This round, which follows the Series A that took place in February 2023, was supported by the same investors, which include fintech experts from QED Investors, VentureFriends, InMotion Ventures (investment division of Jaguar Land Rover), as well as New York-based AlleyCorp and Kyiv-based u.ventures.
Carmoola plans to use the funds to strengthen its presence in the UK used car finance market, which is currently valued at £100bn and is expected to grow to £190bn by 2027.
The startup, which first launched its program in March 2022, is transforming the auto lending market by giving buyers more control and eliminating information inequities that arise from traditional lending models.