A group of entrepreneurs who have launched a specialist price comparison website have secured £500,000 of seed-stage investment – and say they are now ready to disrupt the UK car leasing market.
Moneyshake.com, which is based at Keele University’s Smart Innovation Hub , helps people find the best lease deals quickly by comparing prices from the UK’s leading providers.
The £500,000 equity investment has been provided by the Development Bank of Wales and serial entrepreneur Tim Scholes, a private investor and experienced FinTech strategy professional.
The company is currently a team of four employees and is now looking to expand significantly during the next 12 months creating a range of senior technology, finance, marketing and management jobs in North Staffordshire.
Twenty-two-year old Eben Lovatt, CEO of Moneyshake, said: “As more people turn to leasing rather than buying a new car our business can only grow. We had a fantastic response from the investment community when we did our funding round.
“We decided the best institutional investor partner for us would be the Development Bank of Wales. We fit into their existing portfolio well and we have a positive chemistry with their team.
“In addition, with Tim backing us, we have a highly experienced strategy professional and visionary entrepreneur in the team. As a group, we’re confident we have the right team to grow into a successful digital brand.”
Eben added: “Keele University is a perfect fit for us. The ecosystem is conducive to start-ups like ours, and it means that we can stay local to Stoke-on-Trent and Staffordshire. We want to give local people the opportunities that weren’t available for us a few years ago, and to prove that there are no limitations to growing a business in this area.
“We wanted to be located in the heart of an environment full of like-minded individuals, with access to the skills, talent and expertise available within an innovative university, and Keele’s Smart Innovation Hub ticked all of those boxes and more.
“Our plan is to grow the Moneyshake brand to become synonymous with car leasing. We’ve got a fantastic brand, a brilliant website, great people and now we’ve got the investment we needed to take it all to the next level.”
David Blake, of the Development Bank of Wales, said: “Moneyshake has real potential to be a positive disruptive player not just in the price comparison sector but the wider FinTech market. We’re excited to be working with the management team on their future plans.”
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