Carmoola, a Ukraine-focused car financing start-up, has raised £103.5mln from its first round of venture capital financing and a debt facility from NatWest Group PLC (LSE:NWG).
The British bank will provide the Camden-based company with up to £95mln as a credit facility as it aims to streamline the process of financing a car through a modernised app and website.
Carmoola, which has offices in western Ukraine, the other side of the country from the ongoing war with Russia, also raised £8.5mln from Series A funding headed by investment group QED Investors.
Founders Aidan Rushby, Amy McKechnie, Roman Sumnikov and Igor Gordiichuk said they will use the money raised to increase Carmoola's workforce to 20 employees and scale up the business.
All four of the founders formerly worked at renting app Movebubble, which Rushby founded in 2013, according to their LinkedIn profiles.
Movebubble raised around £3mln in funding including investment from former Spotify UK managing director Adam Williams.