Carmoola, the UK-based fintech that is transforming car finance, has announced the completion of a landmark £300 million private asset-backed securities (ABS) facility, in partnership with NatWest and Chenavari Investment Managers.

Carmoola’s direct-to-consumer approach, which eliminates the need for traditional intermediaries and makes car finance simple, accessible and affordable, has rapidly gained traction, with customer numbers doubling year-on-year. 

This new facility allows Carmoola to deliver better value to consumers, while expanding access to wider segments of the market. This will enable more people to find and buy their dream cars using Carmoola’s ‘finance-first’ approach. 

Aidan Rushby, Founder and CEO of Carmoola, said: 

"This partnership is transformative and marks a major milestone for us. Not only does it triple our previous debt capacity, but it also provides the scale and efficiency needed to rapidly deploy our fast, fair and transparent car finance for the benefit of UK consumers.

“By providing a clear, simple and affordable way for people to arrange their car finance before they even set foot on a forecourt, and by removing the need for them to go through an intermediary, we have been able to empower consumers with better deals and more control over the car buying process. 

“This is the power of our ‘finance-first’ proposition, and now we have the capital to do this for even more car buyers, while maintaining our unwavering focus on delivering an industry-leading experience for our customers.”

Frédéric de Benoist, Director of Capital Markets at Carmoola, 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. We’re proud to partner with established and respected institutions like NatWest and Chenavari in the next phase of our growth journey."

The partnership highlights strong institutional conviction in Carmoola’s platform and ambition, and demonstrates the company's capacity to raise material funding in capital markets.

George Ross, Managing Director and Head of Specialty Finance and FinTech at NatWest, said: 

“We’re really pleased to continue supporting Carmoola’s growth with this new facility and associated hedging at such a pivotal stage in their development. 

“This partnership underlines our confidence in Carmoola’s platform and our shared commitment to helping scale responsible, technology-led lending. ”

Loic Fery, CEO & Co-CIO at Chenavari Investment Managers, said: 

“This £300m credit origination facility emphasises our conviction in the strength, scalability and defensibility of Carmoola’s direct-to-consumer model, which is transforming the car finance sector. 

“The funding structure we have established not only supports near-term development, but also facilitates a path to future growth - a process we have pursued with many successful fintechs in Europe. 

“As an investment firm specialising in structured credit and asset-based finance, Chenavari is always seeking to partner with innovative companies: we hope that this transaction is the first of many successful transactions to come with Carmoola.”