BANKING giant Citigroup is throwing its weight behind Oodle Car Finance – with the announcement of funding for a £100 million warehouse facility.
The partnership, following £60 million of equity investment from the global investment firm KKR last year, is another sign of the growing confidence that some of the world’s largest financial institutions have in the company’s bold vision to revolutionise the industry.
Oodle Car Finance is breaking the mould of a lender in the used-car market by merging car search and finance into one seamless digital process.
This rapid online operation pairs customers with their perfect cars and some of the UK’s best car dealers and finance in just a few minutes.
The Oxford-based firm has already received more than £1.18 billion-worth of finance applications and using PPC (pay per click) has generated more than 100,000 click-throughs to dealer partners’ websites.
Jonny Clayton, CEO of Oodle Car Finance, pictured, said: ‘The Citigroup funding is a key milestone that will help us support innovation and turn the used-car market on its head, transforming the way car purchases are financed.’
The Citigroup funding caps an incredible few months for the business, during which it has won Lender of the Year at the 2017 F&I Conference and Awards and appointed new chairman Roger Lovering – the consumer finance expert responsible for the successful launch of Santander Cards.
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