Car loan platform CarClarity has raised $3 million in Series A funding from existing investors, with the new funding to be used by the Sydney based start-up to “pioneer” a new online car buying service that it claims reinvents traditional in-person car buying.
According to CarClarity the capital raising will also “enhance the existing financing product” by analysing data and risk, to help buyers to receive instant loan approvals within the platform.
“These enhancements will seek to further disrupt Australia’s AU$37 billion motor vehicle financing market,” claims CarCarity.
CarClarity’s latest funding round was led by Equity Venture Partners (EVP) and included existing investors ex-Prospa Capital Management Advisor, Raj Bhat, and Oxygen Home Loans Managing Director, early backer of Harmoney and WeMoney, Ben Taylor.
CarCarity says it has achieved 600 per cent revenue growth over the past six months, following a $1 million seed round in March this year, with over 30,000 customers to date using the platform to compare matched lending options.
“At a time when vehicle demand is surging due to stock shortages, CarClarity’s upcoming car buying offering puts everything buyers need into an easy and hassle-free online shopping experience. With access to 280 Australian car dealerships already, the funding will help CarClarity expand this ahead of officially launching its offering later in 2021.”
CarClarity Founder and CEO, Zaheer Jappie, said: “Alongside buying a home, purchasing a vehicle is one of the biggest decisions many will make. Consumers want to feel confident that they can find the best deal in their price range. We’re on a mission to lead this in the car financing space by ensuring customers feel in control along each step of the journey to getting their next vehicle.
“Our team has gone from strength to strength this year, and I am incredibly proud to announce this raise alongside our investor partners. I look forward to leveraging their expertise and continuing to innovate and create seamless and stress-free car buying experiences.”
EVP Investment Manager, Mark Velik, said: "Zaheer and the CarClarity team have a laser-focused approach to making car financing accessible and transparent. We’ve been extremely impressed by their accomplishments to date. The astounding growth they’ve seen in the last six months alone highlights the strong call to market from Australians for a solution that helps customers navigate the car financing journey."
Article originally published by iTWire on 7 September 2021.
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