Car finance platform Driva doubles down with $6m growth round
Summary
Driva, an Australian Fintech platform that helps customers finance and insure their vehicle purchases, has banked another A$6M growth funding round led by Carthona Capital. The business hit its stride in its second year of operation, launching partnerships with a number of the dominant industry players including CARS24 and Carsales. “In our first two years we had no interest in pursuing channels that didn’t show a clear path to profitability, which we felt was unusual for a D2C startup of our vintage” said Mr Brown. “However there’s still a long automation roadmap for us to execute on to continue to deliver the exceptional customer experience at much larger scale, and we feel it’s what’s critical for our success in the next 12 months” said Mr Montarello. The Angel investors who participated in Driva’s seed round also followed on, including Stephen Dash, who made his fortune from creating the online loan marketplace Credible, and Nicolas Scudamore-Smith, who Co-Founded online automotive spare parts marketplace Sparesbox, which was acquired by Repco owner GPC Asia Pacific.