Recently-established Oodle Finance has secured £60 million of investment to help it roll-out a funding solution for customers from the full range of credit profiles.
Established in 2016, Oodle has been operating among a small cross section of dealers to monitor the success of its offering before rolling out the model more broadly, with the help of the additional funding provided by investment firm KKR Credit.
The business said that its product offers the ideal solution for car dealers who currently deal with various providers to cater for a wide range of potential customers, but crave the efficiency of a single point of contact.
A statement from Oodle said that dealers are able to access “cost efficient and transparent” finance for a range of credit profiles by using an automated online application process driven by the business’s proprietary risk management algorithms.
Oodle also aims to build closer relationships with its borrowers than many lenders, with plans for loyalty and performance rewards which could be used at the end of a loan to support a despite or subsequent purchase.
Jonny Clayton, Oodle’s chief executive, said: “Oodle will deliver the benefits of technology into the used car market to build a company associated with exceptional service levels, market leading products and affordable financing solutions for all types of borrowers
“We want to make life easier, more cost-effective, efficient and transparent for car dealers and borrowers.
“We will improve the car buying and selling process, and reward our borrowers to build long-term and strong customer relationships.”
Daniel Pietrzak, managing director and global head of principal finance at KKR Credit, said: “KKR is committed to backing strong management teams in the speciality finance space whop have developed proprietary technology that improves customer service and experiences.
“We believe Oodle Finance has great potential as an innovative financing platform in the UK auto market.”