Oodle Car Financing, a UK-based car fintech startup, has secured a 100 million facility from Citigroup. Founded in 2016, the company states its goal is match customers with the right loans, cars, and dealers.
“In this fast-paced world owning a car should be affordable for everyone. Car finance has made this possible. But the industry is tired, and the processes old-fashioned. Oodle Finance is passionate about doing things the right way. A modern, fast, tech-led and trusted car finance service driving change. We might look like a car finance company, but we’re more than that. We’re using finance to lead the demand for greater transparency and better efficiencies, in order to ignite exciting onward journeys for our customers.”
According to City A.M., the investment from Citi comes just one year after Oodle received a 60 million investment from KKR. Oodle noted it will be able to lend the funds from Citi to its customers in order to help them buy vehicles. The company will then sell the car finance loan to another creditor and use the money to repay Citi. Chief Executive of Oodle, Jonny Clayton revealed:
“The Citigroup funding is a key milestone that will help us support innovation and turn the used-car market on its head, transforming the way car purchases are financed.”
Clayton then added:
“It’s a vote of confidence from yet another credible financial institution – a significant endorsement of our radical business model. The partnership gives us room to grow and the funding means we can pass on the benefits of more affordable loan products to our customers.”