A car leasing comparison site has secured £1 million investment to help it reach a wider audience and enhance its product offering.
Newcastle-under-Lyme-based Moneyshake won the funding from Maven, which is part of the Northern Powerhouse Investment Fund (NPIF).
The company – which is opening a new office in Chester – allows its users to compare car leasing deals, and more recently PCP finance, to support customers in finding the best deal for their next car.
Moneyshake 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.
In 2020, Moneyshake secured a seven-figure investment from automotive veteran Darren Guiver, the former managing director of Fortune 500-listed motor group Group 1 Automotive UK.
Now the investment from Maven will help Moneyshake to further develop its existing product, including the launch of a commercial leasing service, and enhance 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 – which was launched in 2019 with £500,000 of seed capital – 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."
Sue Barnard, of the British Business Bank, added: "Fast-growing businesses like Moneyshake are fantastic examples of the transformational effect that access to finance can have for organisations in the North.
"With funding, Moneyshake can now substantially improve its existing products and move into the commercial leasing space. Equity finance is an important tool in helping business progress forward in their growth journeys."
