The car leasing comparison platform provider is set to use the funding to reach a wider audience, better their customer experience and improve its product offering with its finance and white label partners.
NPIF Maven Equity Finance, (“Maven”) which is part of the Northern Powerhouse Investment Fund (“NPIF”), has invested £1 million in Chester based Moneyshake, an online vehicle leasing and purchase comparison site.
Moneyshake allows its users to effortlessly compare car leasing deals, and more recently Personal Contract Purchase finance to support their customers in finding the best deal for their next car.
The company which is opening a new office in Chester 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.
The investment from NPIF Maven will support Moneyshake in optimising and further developing its existing product, help launch a commercial leasing service and enhance its price comparison technology.
As well as improving the customer experience and expanding its audience, Moneyshake are also looking to build upon its partner strategy, selling its comparison tools and car change calculator to its finance and white label partners on a SaaS (Software as a Service) basis. The company also plan to offer a market data and insight subscription to its partners due to the increasing data available, generated through its platform.
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, added: “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.”
Clare Hayward MBE, Chair of Cheshire and Warrington LEP, said: “We are delighted that Moneyshake is committing to the region, as this increased activity and investment will support us to achieve our aims. It is great news that Moneyshake is leading the way and opening a new office here and it is fantastic to see another innovative firm joining our current portfolio of finance and digital businesses in Chester. I look forward to hearing more about their plans and working with them as we move forward.”
Sue Barnard at 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.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
