Carmoola raises £12.3m Series B for digital car finance platform

Direct-to-consumer car finance platform Carmoola has raised an estimated £12.3m in a Series B funding round. Based in London, the fintech company provides a mobile application that allows UK consumers to secure instant budget approvals and virtual cards for purchasing used cars.

Founded in 2020, Carmoola designed its platform to replace traditional car dealership financing with a digital alternative. The app enables users to manage their finance plans and spread the cost of vehicle ownership through flexible in-app controls. The service is aimed at buyers seeking a transparent car buying experience without hidden fees.

Financial records for the year ended 31 December 2024 show the company generated £7.5m in revenue while recording a £10.1m loss. Although the company reported 35 employees in its latest accounts, current data from LinkedIn suggests the headcount has since increased to 71 staff members.

This latest investment (allotted in April) follows a £15.3m Series A round completed in February 2025. The company previously secured a series of smaller investments between late 2023 and early 2024, including tranches of £850k, £500k, and £400k. This Series B round brings the company's total estimated funding to over £30m since its inception.