Vehicle leasing and comparison site Moneyshake has received a £1m investment from NPIF Maven Equity Finance.
Moneyshake lets users compare lease deals and personal contract purchase (PCP) financing on its website through partnerships with finance businesses.
“This exciting, customer-centric business is a great addition to the Maven and NPIF portfolio. The business has great future ambitions and is fast becoming a key name within the fintech industry,” said Dean Cox, Maven.
Based in Newcastle-under-Lyme, Staffordshire, the platform will use the capital to open a new office in Chester, launch a commercial leasing service, gain new customers as well as improve its customer experience and product.
“We have been impressed by the quality of the management team and existing shareholder base,” added Cox.
Moneyshake’s competitors include Surrey-based Cinch and London-based Carmoola, which recently raised £27m in its seed round and attracted capital from Jaguar Land Rover’s investment fund.
“Maven are the perfect partner for our next phase of growth. Following a record month in March for broker and dealer conversion on the Moneyshake platform, the whole team is ready to build on this to deliver another great year of sales,” said Eben Lovatt, CEO, Moneyshake.
Founded in 2019, Moneyshake is partnered with ClearScore and Money Supermarket. Prior to its latest funding boost, Moneyshake had raised £490,000.
Last year NPIF Maven Equity Finance invested £1.65m into Yorkshire company eSalesHub, which uses artificial intelligence to analyse data and optimise marketing spend.