The car leasing comparison platform provider will use the funding to reach a wider audience, better their customer experience and improve their product offering with their finance and white label partners.
NPIF Maven Equity Finance (“Maven”) has invested £1 million in Moneyshake, an online vehicle leasing and purchase comparison site, based in Newcastle-under-Lyme.
Moneyshake allows its users to effortlessly compare car leasing deals, and more recently PCP finance to support their customers in finding the best deal for their next car.
The company which is opening a new office in Chester does this by partnering with leasing and financing businesses to offer their deals on its platform. As well as car leasing firms, the online platform also has several other partners, notably ClearScore and Money Supermarket, allowing its deals to be viewed and recommended in more places.
The investment from Maven will support Moneyshake in optimising and further developing their existing product, to include the launch of a commercial leasing service and the enhancement of its price comparison technology.
Dean Cox at Maven, said: “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. We have been impressed by the quality of the management team and existing shareholder base.”
Eben Lovatt, CEO at Moneyshake, said: “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.”
Moneyshake is set to transform the comparison market with the introduction of our price competition technology to create a truly competitive marketplace.
The platform allows for an automated, real-time bidding environment where providers compete against each other for the user’s business.
Moneyshake is live in its first target market of new car finance, where it’s gaining substantial traction. The platform is set to enhance price comparison across multiple verticals as it moves through its growth plan.