Car finance comparison site FinanceAcar.co.uk has recently
closed a round of funding led by ‘angel’ investor Anthemis Group.
Several other investors involved include Orange Digital chief
executive Dominic Collins, formerly group director of
Autotrader.co.uk, and Christoph Janz, a serial angel investor who
built one of Europe’s first European price comparison websites.
Both join FinanceAcar as advisors and Anthemis partner Sean Park
joins the board as an observer.
Anthemis invests in companies that use technology to create
innovative and disruptive financial businesses – and FinanceAcar
aims to reinvent car shopping for the 80% of UK customers who buy a
car based on a monthly finance budget, which is a £14bn annual
spend.
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FinanceAcar’s website enables buyers to
compare and choose vehicles based on monthly price, apply for
finance online, and, if approved, have their chosen car delivered
to them by a dealer.
FinanceAcar co-founder Nadim Saad said: “Anthemis is the perfect
investor for us. Their previous success as an investment group and
their vision to play a big part in revolutionising consumer finance
over the next decade is a big vote of confidence in our mission to
reinvent car buying and car finance.”
Sean Park of Anthemis said: “The car industry
is one of the last offline bastions yet to offer a full online
buying journey to the mass market. This is because people have
always been forced to shop based on a list price, even though as
much as 80% of them actually want a monthly price based on
finance.
“We were attracted to FinanceAcar because
their technology and approach allows them to create a much more
intuitive shopping experience. It provides buyers with the cheapest
monthly price for the car that they want whilst also placing their
finance application with a provider most likely to approve
them.”
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