Car financing start-up Oodle bags £100m from Citigroup

Car financing start up Oodle Finance has snagged funding to the tune of £100 million from Citigroup, in another “vote of confidence” for the company’s team.

Oodle combine car-searching and car financing on their website, offering consumers a service finding their “dream car”, sourcing it from the UK’s best dealers and creating a personalised finance plan with which to pay for it.

The £100 million gained from Citibank is the startup’s second big injectoin of cash, after it nabbed a £60 million investment from private equity giant KKR in 2017. Based in Oxford, it Oodle has already received more than £1.18 billion, generating over 100,000 click-throughs for their partner sites using Pay Per Click.

“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,” said Oodle’s chief executive Jonny Clayton.

“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.”