Carmoola raises £12.5m Series B for mobile car finance platform

UK consumers seeking a digital automotive purchasing experience use Carmoola to obtain instant budget approvals and virtual cards for used car acquisitions. The London-based fintech company, which was incorporated in 2020, provides direct-to-consumer financing through a mobile app designed to offer transparent in-app payment plans.

The business recently secured an estimated £12.5m in a Series B round. This capital follows £15.3m raised during 2025 and brings the aggregate investment recorded for 2026 to £12.3m. Users can spread the cost of vehicle ownership without hidden fees.

Financial results for the year ended 31 December 2024 show £7.5m in revenue was generated. A £10.1m loss was reported for that fiscal period. While the statutory accounts listed a team of 35 employees, current data from LinkedIn suggests the headcount has since increased to 62 people.

Formal documentation for this funding was filed in May (following an allotment of shares in April).