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European law firm Fieldfisher has advised UK car finance fintech Carmoola on a Series A funding round raising £8.5 million. The funding round was complemented by a £95 million debt facility.
The round was led by US-based fintech specialists QED Investors, with participation from existing investors VentureFriends and InMotion Ventures, the investment arm of Jaguar Land Rover.
The debt facility was provided by Natwest and BCI.
Launched in 2022, Carmoola aims to revolutionise the way people pay for car purchases and this latest funding injection primes Carmoola for rapid growth in a lucrative market that the company reports is worth £120 billion in the UK alone.
Carmoola's approach to car finance is based on its straightforward “neo car finance” product that is effortless to use and reduces the time taken to complete a car purchase from days to just minutes. Its service also provides buyers with a budget, generates a free history check on the car and allows payment to be made both instantly online and at the showroom within just 60 seconds using a Carmoola virtual card.
The Fieldfisher team advising Carmoola on its Series A round was led by Corporate Partner Tom Ward and Senior Associate Andy Oliver, both from the firm's Emerging Companies and Venture Capital (ECVC) team.
Commenting on the funding round, Corporate Partner Tom Ward said:
"Carmoola's Series A round is another example of a successful, strategic venture financing transaction we have acted on for an innovative, rapidly growing client.
"Fintech was by far the largest industry sector for our ECVC team last year in terms of deal value and we continue to see lots of activity from VC funds in this space.
"Congratulations to the Carmoola team on securing this funding."