The car leasing comparison site, Moneyshake, has secured investment to fuel further growth of its business, from former managing director of Group 1 Automotive UK, Darren Guiver.
The investment aims to create new jobs and roll out the next stage of its price comparison technology.
Guiver said he will play an active role in guiding the existing management team to deliver on its business plan.
He said: "Moneyshake is exactly the kind of fast-growth, technology led business that I was looking for. As the motor industry faces unprecedented challenges, Moneyshake’s technology is poised to revolutionise the way new cars are bought and sold.
“Price comparison has been static for many years and our enhancements will create a new engaging way for customers to buy and the motor trade to sell – ensuring the best deal for everybody. Beyond car finance, I’m excited to see which other industries the technology can ‘shake up’”.
Moneyshake, launched in 2019, has been backed with £500,000 of seed capital from institutional and private investors.
In the first 12 months of being live, the company reports it has delivered over £5M of written vehicle contracts, as well as forming commercial partnerships with MoneySuperMarket and Clearscore, running their car leasing channels.
Eben Lovatt, chief executive of Moneyshake, said: “Darren is the perfect investor to join our team. Not only does this investment make a major positive impact on our business but his wealth of knowledge, motor industry contacts and commercial acumen is exactly what we need during our next stage of growth.
“Darren's active involvement in the business enables us to fast-track our business plan, providing access to key relationships that will help us to add more finance methods to our already market-leading leasing presence.
Lovatt said car buying is becoming a “wholly digital process” and there is a greater demand for online platforms that allow buyers to connect with dealers and brokers.