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Stephenson Harwood advises Carmoola on debt financing
Law firm Stephenson Harwood has advised Carmoola on its £95 million debt financing.
The transaction comprises £50 million of senior debt from NatWest, with a further £25 million by way of accordion, and £10 million of mezzanine debt from BCI Capital, with a further £10 million by way of accordion.
The financing for Carmoola, a car finance start-up co-founded by Aidan Rushby, was part of its £103.5 million raising, which was achieved through a Series A Equity Funding led by QED Investors and debt financing.
Carmoola is a Fintech company which has developed a 'neo car finance' product which allows consumers to streamline the car financing process, so as to complete a car purchase in minutes.
The funding will be deployed immediately to continue to scale the business and support the rapid customer adoption which Carmoola has seen since launching just ten months ago.
The Stephenson Harwood team was led by banking partner Don Brown, who was supported by associate Will Rowling.
More information about Carmoola can be found here.