A London-based car finance app that lets people arrange a used-car loan before they visit the dealer, with a virtual card to pay.
Carmoola is a UK car finance company that works through a mobile app. Rather than arranging a loan at the dealership, you set a budget, get approved in the app and then pay the seller with a virtual card, using Apple Pay or Google Pay. The app also offers unlimited vehicle history checks, which can show whether a car is fairly priced, has a troubled past or has outstanding finance. In 2024 it added a service that matches first-time buyers with volunteer mentors, which it calls "courtesy dads".
Its founder and chief executive, Aidan Rushby, says he wants to make car buying "as straightforward as booking a holiday online". The company says its approach is to replace dealership-led lending, where commissions can end up in the price the customer pays, with direct lending that is clearer and more transparent. Its stated aim is to be a responsible lender for the UK used-car market.
Carmoola was founded in London in 2021 by Aidan Rushby, Amy Rushby, Roman Sumnikov and Igor Gordiichuk, and it began trading in March 2022. Aidan had co-founded the property app Movebubble, and the two technical founders worked with him there. The company serves the UK only. It says it has handled over two million applications and reports a Net Promoter Score of 92 and a 4.9 out of 5 average review rating, which are its own figures.
A founder interview describes an entrepreneurial team where people are trusted to make decisions every day. Company values are introduced during recruitment and reinforced in weekly company-wide calls, with colleagues recognising each other, plus quarterly and annual awards. The company keeps its team small by using data, a decisioning engine and AI. Part of its technology team was based in Ukraine and Poland during the war, which is a reminder that tech companies can work across borders. The company also says it wants to go beyond finance over time, into costs such as insurance, warranties and maintenance, and has talked about Europe and the US.
A car finance business employs software engineers, data scientists, credit and risk analysts, compliance specialists, customer service staff, marketing teams and product designers. It is a good place to look if you are interested in how finance, data and technology come together.
Website: carmoola.co.uk
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