Online finance broker Car Loan 4U has received an £8m investment from UK venture capital firm Scottish Equity Partners (SEP).
The broker said the capital will be used to build the brand, and implement and expand its technology. It will also be used to fuel growth, with the company hoping to quadruple its annual revenues over the next four years.
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Over the past 12 months, Car Loan 4U has grown its turnover by over 75% to £11m and increased its staff to 150.
Andrew Davison, an SEP partner, will join the Car Loan 4U’s board as part of the deal.
James Wilkinson, Car Loan 4U chief executive officer, described the investment as a landmark, and added: "The online opportunity in the car finance industry is huge. This investment will allow us to accelerate innovations in our technology and deliver a vastly improved customer experience, as well as expanding our brand"
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