Caura, a UK all-in-one driving software that seeks to make car ownership easier, has just received £4 million from Lloyds Banking Group.
The startup will be able to fund its new and existing products and services for consumers and businesses thanks to the investment from the Thought Machine backer. For iOS and Android, they will also feature mobile parking and auto maintenance.
One can pay for driving-related time using the Caura app for iOS and Android, helping them avoid erroneous fines. The program, which helps users control their automobiles by utilizing eight to ten different apps and websites, is already used by 30 million drivers in the UK.
Caura also makes car administration simpler by sending pertinent information and timely reminders to keep drivers in compliance. Drivers can also handle their auto insurance, MOT, vehicle tax, tolls, and other fees through the app.
Dr. Sai Lakshmi will introduce Caura as an iOS app in 2020 to make car ownership simpler.
“This large investment represents another important step forward in our objectives to collaborate closely with fintech and technology partners to bring together data-driven insight and technologies to help our clients,” said Kirsty Rutter, FinTech Investment Director at Lloyds Banking Group.
We are thrilled to collaborate with Caura’s seasoned management team to support the development and expansion of this ground-breaking, user-friendly app.
“Lloyds Banking Group’s investment will hasten our ambitions to enhance Caura for our consumer consumers and our business partners,” according to Dr. Sai Lakshmi, CEO, and Founder of Caura.
Dr. Sai Lakshmi continued, “We have already made paying for tolls, city fees, and car excise tax simpler as part of our aim to make driving less painful. Our next step is to use technology to modernize the old and resistant-to-change systems for auto insurance and maintenance.”
Embedded financial services like auto loans and insurance, white-labeled payment solutions for automotive partners, and self-service SaaS solutions for SME clients are all in the works for Caura in the future.
This most recent investment is a part of Lloyds Banking Group’s ongoing public commitment to the Fintech Delivery Pledge, a broad industry initiative created to strengthen the international standing of UK financial services by facilitating successful collaborations between fintech and significant financial institutions.
Following a successful round of investments in 2022, the investment in Caura marks Lloyds Banking Group’s first investment of 2023. The Group’s newly established Fintech Investment division, which focuses on discovering and investigating prospects for investment into fintech at Seed through Series B, is in charge of these investments.
“Lloyds Banking Group and their proactive approach to innovation are incredibly exciting,” said Dr. Sai Lakshmi, CEO, and founder of Caura. “And the cross-pollination of ideas between our respective teams will allow us to deliver an innovative suite of products and services that the market has not seen before to customers ranging from drivers through to vehicle manufacturers.”
Image Credit: Caura
