Driving Change: Telling Fintech Focus TV about Carmoola’s journey

Carmoola is on a journey to redefine car financing, driven by our shared vision to empower consumers with a transparent, fair, and efficient way to finance their car purchases. 

I recently had the privilege of sharing this journey on Fintech Focus TV with Toby Babb, and here’s an overview of what we covered. You can watch the whole episode here:

A new concept in car finance

My entrepreneurial journey has always been guided by a passion for creating customer-centric companies. This ethos led to the birth of Carmoola, inspired by personal frustrations with the car buying process coupled with insights into the car finance industry that I unearthed during my research into motoring disruptors. Carmoola emerged from a desire to empower consumers with a finance-first approach, offering a novel approach that improves the car buying process, offering simplicity, control and value.

What we’ve built is straightforward yet revolutionary: a mobile app that provides customers with a near-instant credit limit for purchasing a used car, coupled with a virtual card for seamless ‘tap-or-transfer’ transactions, either online or in-dealership. This innovation not only enhances the car buying experience but also sidesteps the unnecessary commissions and opaque practices prevalent in traditional car financing.

Carmoola's impact and growth

Since launching in April 2022, we have experienced remarkable growth, which is a testament to our commitment to customer satisfaction and innovation. With an NPS (net-promoter score) of 94, it's clear that our customers appreciate the value and empowerment Carmoola brings to the car buying experience. We've seen over two million applications and have financed more than £50 million worth of cars, demonstrating the demand for our fairer, more transparent approach to car financing.

A culture of innovation and customer centricity

We believe that true innovation stems from a deep understanding of customer needs. We genuinely love customer feedback, as this allows us to continually refine our product and how we deliver it. This customer-first approach is embedded in our culture, guiding everything from product development to customer support.

The Future of Carmoola

Our focus remains on continually enhancing the Carmoola experience, and doing so by growing profitably and bringing our customers along for the ride.. We're exploring ways to offer even more competitive rates across the lending spectrum, addressing the evolving needs of our customers. The road ahead is exciting, and as a team we are committed to continuing to offer the route to car ownership that we all wish we’d had access to. 

To any customers, investors, partners or supporters reading this: Thank you for joining us on this journey. Your trust and support fuel our drive to innovate and improve, and we're excited about what the future holds.