Car leasing comparison platform to drive growth with £1m investment
Moneyshake, an online vehicle leasing and purchase comparison site, is accelerating its growth plans after landing £1m in investment.
The Chester-based business allows its users to compare car leasing deals, and more recently Personal Contract Purchase finance to support their customers in finding the best deal for their next car.
The company which is opening a new office in Chester does this by partnering with leasing and financing businesses to offer their deals on its platform.
As well as car leasing firms, the online platform also has several other partners, notably ClearScore and Money Supermarket, allowing its deals to be viewed and recommended in more places.
The investment from NPIF Maven will support Moneyshake in optimising and further developing its existing product, help launch a commercial leasing service and improve its price comparison technology.
Moneyshake is also looking to build upon its partner strategy, selling its comparison tools and car change calculator to its finance and white label partners on a SaaS basis. The company also plan to offer a market data and insight subscription to its partners due to the increasing data available, generated through its platform.
Dean Cox at Maven, said: “This exciting, customer-centric business is a great addition to the Maven and NPIF portfolio. The business has great future ambitions and is fast becoming a key name within the fintech industry. We have been impressed by the quality of the management team and existing shareholder base.”
Eben Lovatt, CEO at Moneyshake, added: “Maven are the perfect partner for our next phase of growth. Following a record month in March for broker and dealer conversion on the Moneyshake platform, the whole team is ready to build on this to deliver another great year of sales.”