CarMoney, a Russian startup which allows you to borrow money against your car, attracted a $10 million bridge round from Russian business angels. The investors the names of whom remain undisclosed acquired a minority stake in the company.
The news reported last week by the local tech blog Firrma.ru.
The fresh capital will be used to develop in-house IT solutions, improve CarMoney’s scoring system, automate the decision-making system, and for marketing purposes.
As of November 1, CarMoney’s loan portfolio amounts to nearly 1.3 billion rubles (approximately $22 million at the current exchange rate), with the market value of securities reaching over 3.5 billion rubles (some $59 million).
The startup claims to have over 6,000 active users of its services in 59 Russian cities.
The company expects to raise the next round of funding in 2018.
