Auto Service Finance secures £14.2m in debt and equity to fund technology expansion
Naviter Capital provided the debt and equity package alongside private investors.
Auto Service Finance provides a digital payment platform that enables car dealerships to offer interest free credit options to customers for vehicle servicing and repairs. The company operates across the United Kingdom and works with major automotive manufacturer brands.
Auto Service Finance has secured a funding package worth £14.2m in debt and equity financing to support its ongoing expansion. The transaction was backed by Naviter Capital, which provided both an equity investment and a £13.3m debt facility, alongside contributions from private investors. The capital arrives following a period of strong growth for the automotive fin-tech, which has facilitated £50m in service work through its buy now pay later platform since inception.
The firm intends to direct the proceeds towards doubling its technology team and preparing for expansion into European markets. Auto Service Finance currently serves more than 2,000 dealership sites across the UK, spanning major manufacturer brands including Jaguar Land Rover, Ford, and the Volkswagen Group.
From the founder
"Dealerships are going through a particularly difficult time at the moment amid the ongoing impact of the Coronavirus and while this will lead to an unavoidable short term slowdown in aftersales activity many have already recognised the longer term importance of adopting interest-free payment methods within their service departments. This is especially important when it comes to selling work that they would have otherwise missed out on."
James Jackson
CEO at Auto Service Finance
Investor perspective
"We are delighted to provide debt and equity financing for Auto Service Finance. ASF’s unique business model and razor sharp customer focus make the company perfectly aligned with Naviter’s strategy of supporting high-quality lending businesses"
Georges Assi
Founding Partner, Naviter Capital
Use of funds
- 01Grow the team
- 02Expand into international markets
Investors
About the company
Auto Service Finance
Auto Service Finance provides interest free payment solutions for vehicle servicing at car dealerships.