Moneyshake was launched in 2019, backed with £500,000 of seed capital from institutional and private investors.
The significant equity investment has been provided by automotive veteran Darren Guiver, who was the managing director of Fortune 500 listed motor giant Group 1 Automotive’s UK division.
Guiver has spent more than 35 years in the motor industry having built up and sold his own network of dealerships before becoming managing director of Group 1 Automotive UK, a position he held until 2019.
Guiver will play an active role in guiding the existing management team to deliver on its business plan.
Darren Guiver, said:
"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.
“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’”.
In the first 12 months of being live, Moneyshake has delivered more than £5M of written vehicle contracts. The business has also formed key commercial partnerships with MoneySuperMarket and Clearscore, running their car leasing channels.
Eben Lovatt, CEO of Moneyshake, said:
“Darren is the perfect investor to join our team. 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.
“Darren's active involvement in the business enables us to fast-track our business plan, providing access to key relationships that will help us to add more finance methods to our already market-leading leasing presence.
“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.”
David Kendrick, partner at UHY Hacker Young, assisted by Dominic Eccles, Corporate Finance Executive, provided corporate finance advice to Moneyshake. Mark Hepple of JMW in Manchester provided legal advice…..
David Kendrick, Partner at UHY Hacker Young, said:
“The Moneyshake team and technology is something I haven’t seen before and feel that they are primed to make a real difference in the automotive space but also other markets longer term. Darren’s involvement will certainly accelerate the business considerably and it will be a very exciting journey ahead.”