The company, which uses its platform to provide car dealerships in the UK with an interest free payment solution for customers when servicing their vehicles, has secured GBP 850,000 through equity given to private investors, taking its total investment to GBP 4 million since its launch, as well as a further GBP 13.3 million debt facility. The facility was provided by London based Naviter Capital, which is also one of the equity investors.
The investment comes after a sustained period of growth for the automotive fin-tech startup, which has seen UK car dealerships use its loan platform as a buy now pay later (BNPL) option to sell GBP 50 million worth of service work since its launch in 2015 – an area of the business that also grew 100% year-on-year in 2019.
Auto Service Finance is now used by more than 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. Dealerships typically pay a percentage of the work sold using ASF to the company.
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