The investment from Lloyds Banking Group, which is targeting potential partners through its recently formed fintech investment team, will support the development of new and existing products and services covering challenges such as maintenance and UK-wide parking👇
The app serves as a platform that enables drivers to manage all the admin associated with running a car, including insurance, vehicle tax, tolls and city charges.
Caura claims that its app saves drivers time and money through the unified platform, as well as features such as reminders about payments.
The investment from Lloyds Banking Group, which is targeting potential partners through its recently formed fintech investment team, will support the development of new and existing products and services covering challenges such as maintenance and UK-wide parking.
This is Lloyds Banking Group’s third fintech investment.
Kirsty Rutter, the financial services firm’s fintech investment director, commented: “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.”
Dr Sai Lakshmi, chief executive officer and founder of Caura, said: “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.
“Our future plans for Caura include developing embedded financial services such as motor loans and insurance, white-labelled payment solutions for automotive partners and self-service SaaS solutions to SME customers.”
This latest investment is part of Lloyds Banking Group’s commitment to the Fintech Delivery Pledge—an initiative to strengthen the UK’s financial system by setting standards for partnerships between fintechs and financial institutions.
The pledge is part of a wider fintech strategy, supported by the UK government and Tech Nation. It has also been signed by Barclays, HSBC and NatWest Group.
As UK fintech firms are disrupting traditional ways of banking with new innovations and their number is set to double by 2030, banks see the importance of supporting and working with fintechs to help their own growth.
Image: LLoyds Banking Group