5 years ago

Auto Service Finance Raises £14 Million to Expand into Europe

  • Auto Service Finance, a UK-based automotive payment provider, has raised over £14 million in debt and equity funding

  • The company secured £850,000 through equity given to private investors, bringing its total investment to £4 million since its launch

  • The company also secured a £13.3 million debt facility from Naviter Capital, which is also one of the equity investors

  • Auto Service Finance plans to use the funds to double its tech team and expand into European markets

  • The company provides car dealerships in the UK with an interest-free payment solution for customers when servicing their vehicles

  • Since its launch in 2015, Auto Service Finance has seen its loan platform used to sell £50 million worth of service work, and the business grew 100% year-on-year in 2019

  • The company is now used by over 2,000 dealership sites in the UK, including sites belonging to brands such as Jaguar Land Rover, Peugeot Citroën, Ford and Vauxhall, and has also started working with Volkswagen Group brands across the country.

      • ProblemFinancial Services

      "making it possible for car dealerships to provide interest-free payment solutions for customers when servicing their vehicles"

      Solution

      "a loan platform that enables car dealerships to offer buy now pay later options to customers, selling £50 million worth of service work since its launch in 2015"

      Covered on