Car leasing price comparison site Moneyshake has acquired significant investment fuelling further expansion of the business.
The equity investment, provided by Darren Guiver, will also facilitate the establishment of new jobs and the unveiling of the next stage of the firm’s price comparison technology.
Guiver was the managing director of Group 1 Automotive’s UK division and boasts more than 35 years in the industry, having previously sold his own network of dealership.
According to a statement from the firm, he will play an active role in guiding the current management team to deliver on its business plan.
Guiver commented: “Moneyshake is exactly the kind of fast-growth, technology led business that I was looking for. As the motor industry faces unprecedented challenges, Moneyshake’s technology is poised to revolutionise the way new cars are bought and sold.
Launched in 2019, Moneyshake has secured £500,000 of seed capital from institutional and private investors.
In the first 12 months of being live, Moneyshake has delivered more than £5M of written vehicle contracts. The firm has also formed commercial partnerships with MoneySuperMarket and Clearscore, operating their car leasing channels.
Guiver continued: “Price comparison has been static for many years and our enhancements will create a new engaging way for customers to buy and the motor trade to sell – ensuring the best deal for everybody. Beyond car finance, I’m excited to see which other industries the technology can shake up”.
Eben Lovatt, chief executive of Moneyshake, described Guiver as “the perfect investor” to join the team. Lovatt said: “Not only does this investment make a major positive impact on our business but his wealth of knowledge, motor industry contacts and commercial acumen is exactly what we need during our next stage of growth.”
Lovatt continued: “Car buying is fast becoming a wholly digital process. People want to know that they’re getting the best deal for their car, so there’s a greater demand for online platforms that allow buyers to connect with a variety of trusted dealers and brokers.
“Our innovative UX, coupled with the launch of the next stage of price comparison technology, will provide our customers with a truly unique car buying experience.”
UHY Hacker Young provided corporate finance advice to Moneyshake, whilst JMW solicitors offered legal advice