Lloyds Banking group has invested £4 million in “all-in-one” motoring app Caura.
According to the FinTech, many of the 30 million drivers in the UK use between eight and 10 apps and websites to manage their vehicles.
Caura brings together driving related payments together on one platform, including car insurance, MOT, vehicle tax, tolls, and city charges.
“This significant investment represents another important step forward in our plans to work closely with FinTechs and technology partners to bring together data-driven insight and technologies to help our customers,” said Kirsty Rutter, FinTech investment director, Lloyds Banking Group. “Caura’s experienced management team have a relentless focus on customers, and we are excited to work with them to support the development and growth of this groundbreaking simple-to-use app.”
The investment from Lloyds will be used to develop new and existing products, including vehicle maintenance.
The move is part of Lloyds Bank's commitment to industry-wide initiative FinTech Delivery Pledge, which aims to improve the global position of UK financial services by making partnerships between FinTechs and large financial institutions "smooth and productive".
“Lloyds Banking Group’s investment will help accelerate our plans to improve Caura for our consumer customers and our industry partners," said Dr Sai Lakshmi, chief executive and founder, Caura. "As part of our mission to take the pain out of driving, we have already simplified payments for tolls, city charges and vehicle excise duty. Our next step is to apply our technology to overhauling the car insurance and maintenance processes which have remained antiquated and resistant to change.
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