Ukrainian-British Carmoola Raises £300M Debt Facility
Carmoola, a Ukrainian-British startup that offers a car financing app in the UK, has secured £300 million (approximately $405 million) debt facility through asset-backed securities (ABS) from NatWest and Chenavari Investment Managers. The funding was announced by Aidan Rushby, the company’s CEO.
«This new facility triples our previous debt capacity, and it’s a huge step forward in our mission to make car finance fairer, faster, and more accessible for everyone,» said Rushby.
Frédéric de Benoist, Carmoola’s Director of Capital Markets, added:
«This new three-year facility represents a major step forward in Carmoola’s funding strategy, replacing early-stage corporate debt with a scalable and cost-effective structure. It is designed to support the next phase of our rapid growth, significantly increasing our lending capacity and materially reducing our financing costs.
The deal reflects the credibility, sophistication and maturity of our operations and opens the door to a broader range of private and public funding options in the future.»
In January 2024, Carmoola raised £15.5 million (approximately $19.6 million) in equity from QED Investors, VentureFriends, InMotion Ventures (Jaguar Land Rover’s investment arm), New York-based AlleyCorp, and Kyiv-based u.ventures. The year before, it raised £8.5 million in equity and secured £95 million in debt financing from NatWest.
About the Startup
- Carmoola was launched in March 2022 by Aidan Rushby, Amy McKichan, and Ukrainian co-founders Ihor Gordiychuk and Roman Sumnikov.
- The company is aiming to disrupt the used car finance market — long criticized for being outdated and opaque — by streamlining the borrowing process and eliminating the information asymmetry between lenders and borrowers. The UK used car finance market is currently estimated at £100 billion, with projections of reaching £190 billion by 2027.
- With Carmoola, buyers can secure a car loan, check a vehicle’s history, and make a payment in less than a minute using a virtual card.
- According to Rushby, users have already received more than £46 million in car financing through the platform.
Ukrainian-British Carmoola Raises £300M Debt Facility
Carmoola, a Ukrainian-British startup that offers a car financing app in the UK, has secured £300 million (approximately $405 million) debt facility through asset-backed securities (ABS) from NatWest and Chenavari Investment Managers. The funding was announced by Aidan Rushby, the company’s CEO.
«This new facility triples our previous debt capacity, and it’s a huge step forward in our mission to make car finance fairer, faster, and more accessible for everyone,» said Rushby.
Frédéric de Benoist, Carmoola’s Director of Capital Markets, added:
«This new three-year facility represents a major step forward in Carmoola’s funding strategy, replacing early-stage corporate debt with a scalable and cost-effective structure. It is designed to support the next phase of our rapid growth, significantly increasing our lending capacity and materially reducing our financing costs.
The deal reflects the credibility, sophistication and maturity of our operations and opens the door to a broader range of private and public funding options in the future.»
In January 2024, Carmoola raised £15.5 million (approximately $19.6 million) in equity from QED Investors, VentureFriends, InMotion Ventures (Jaguar Land Rover’s investment arm), New York-based AlleyCorp, and Kyiv-based u.ventures. The year before, it raised £8.5 million in equity and secured £95 million in debt financing from NatWest.
About the Startup
- Carmoola was launched in March 2022 by Aidan Rushby, Amy McKichan, and Ukrainian co-founders Ihor Gordiychuk and Roman Sumnikov.
- The company is aiming to disrupt the used car finance market — long criticized for being outdated and opaque — by streamlining the borrowing process and eliminating the information asymmetry between lenders and borrowers. The UK used car finance market is currently estimated at £100 billion, with projections of reaching £190 billion by 2027.
- With Carmoola, buyers can secure a car loan, check a vehicle’s history, and make a payment in less than a minute using a virtual card.
- According to Rushby, users have already received more than £46 million in car financing through the platform.
