Independent lender Oodle car finance has secured a £100m warehouse funding line from bank Citigroup.

The money will be used to provide finance to more customers, as the young lender looks to grow.

The partnership follows a £60m equity investment from global investment firm KKR in 2017. Although the company first launched in 2016, it was following that KKR investment that the lender began its push into the mainstream.

Since it launched, Oodle claims to have received over £1.18bn worth of finance applications, and to have generated over 100,000 click-throughs to their dealer partner websites.

Oodle’s chief executive officer Jonny Clayton described the funding as a key milestone for the company. He added: “It’s a vote of confidence from yet another credible financial institution – a significant endorsement of out radical business model. The partnership gives us room to grow and the funding means we can pass on the benefits of more affordable loan products to our customers.”

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By GlobalData