Carmoola’s 2024: A Year of Growth, Grit, and Good Times

2024 was a corker of a year for Carmoola. We hit new highs, navigated a few challenges, and kept pushing forward with our mission to make car finance faster, easier, and more transparent. 

Along the way, we learned, laughed, and maybe cried a little 😅 But most importantly, we kept delighting our customers and building a company we’re all proud of.

Let’s break it down, shall we?

Market: DCA scandal and the £40 billion opportunity

This year, the car finance industry got a proper wake-up call with the DCA scandal. It wasn’t pretty, but it did shine a light on something we’ve championed from day one: transparency. 

Customers deserve to know exactly what they’re paying for, and we’ve been leading the charge in making sure that happens. 

Direct-to-consumer car finance continued its meteoric rise, and frankly, it’s about time. People want to sort their car finance without having to endure terrible coffee and awkward upsells. By 2030, the market’s forecasted to hit £40 billion, and we plan to grab a big slice of that pie.

Product: bigger, better, and more inclusive

On the product side, we’ve been busy.

• More customers, more cars: We opened up the app to a wider audience and expanded the types of cars we finance. Whether it’s a shiny EV or a trusty old workhorse, we’ve got it covered.
• New partnerships: We also teamed up with the lovely folks at Zuto and MoneySuperMarket to make finding and financing a car even easier.
• Transition to a new car: Many of our customers have been asking, ‘Can I use Carmoola again?’ Well, we listened! We’ve made it easier than ever for our customers to seamlessly transition from one car to the next.

We’re obsessed with removing friction for our customers, and it’s been paying off big time.

Company: record-breaking year

Let’s talk numbers, because they’re looking mighty fine.

• 140% revenue growth 🚀
• 155% increase in active customers 💪
• NPS at a jaw-dropping 91 (and a cheeky 4.9 stars on Trustpilot to boot) 😍
• Kept the team lean at 37 people, on-track to hit a £1B book with less than 100 people

Honestly, it’s hard not to feel a little chuffed about those stats. But what makes them even more special is the incredible feedback we’ve received from our customers. Every time someone says, “You’ve made my life easier,” it reminds us why we’re doing this.

Customer story: David’s journey

David’s story is one of my favourites from 2024 because it perfectly shows what Carmoola is all about. He’d found his dream car, but like so many, he dreaded the usual car finance hassle. Instead, he tried Carmoola—and everything changed.

After a quick and easy sign-up, David secured his financing and loaded a virtual debit card onto Apple Pay. At the dealership, he tapped to pay, leaving the dealer completely “gobsmacked” by how fast and seamless it was. No endless paperwork, no delays.

David secured a rate less than half of what a major lender had offered. He drove off with his new car and peace of mind, while I couldn’t help but feel proud of what we’re building. Stories like David’s remind me why we’re here—to make car finance simple, fair, and even enjoyable 🚗✨

Here’s to creating even more stories like David’s in 2025!

Friday calls: wisdom from the best

One of my personal highlights this year was our Friday calls, where we had the privilege of hearing from some absolute legends.

• Nigel Morris (co-founder of Capital One and QED Investors) shared his journey and invaluable advice on scaling.
• Kevin Ryan, the man behind several unicorn startups, gave us a masterclass in entrepreneurship and drugs 😉
• And who could forget Matthew Dicks, whose storytelling skills reminded us that a strong narrative can turn even the driest data into something magical.

Each session left us inspired and ready to tackle the next challenge.

Our snazzy new office space

My highlights: from House of Lords to board games

2024 wasn’t all spreadsheets and product launches—there were plenty of moments worth celebrating.

• In April, we represented fintech founders at the House of Lords and moved into our shiny new office.
• May saw Danny, our Finance Director, become a dad; and Lucinda, our Head of Operations, welcomed her son - definitely the cutest highlights of the year.
• By June, we were attending conferences in Barcelona with Fred and even bagged an award for ‘Best Direct-to-Consumer Proposition’. Plus, I loved the evening in Athens with the VentureFriends team and Anna from Highland.
• And who could forget Alex’s ‘Board Games, Brie, and Bordeaux’ night? Safe to say, it was a hit.
• In September, going to the annual QED conference was a great experience and I loved meeting new investors in New York.
• Topping the year off was the Christmas party, which was super fun and it was nice to see everyone have a great time.

Our board and team dinner

Nigel Morris speaking at QED CEO Summit

Some of my biggest lessons

Every year brings new insights, and 2024 was no different. As we move into 2025, here are a few lessons that have stuck with me:

• Mental models are game-changers: Simplifying complex decisions with models like first principles, the Pareto principle, or just visualising yourself in different situations. It’s been a great way to deal with difficult situations, think problems though and help go deeper on how you really feel.
• A great team is the foundation of success, but building one takes grit and tough decisions. At Carmoola, we hold ourselves to incredibly high standards, which means that sometimes we’ve had to let people go when it wasn’t the right fit - easily one of the hardest parts of building a company. Although I don’t show it, it makes me really sad when we have to move someone on, especially knowing we convinced them to join us and leave another role. It’s painful, but it’s also a harsh reminder of how critical the recruitment process is. This year, we’ve learned that taking our time to hire the right people makes all the difference. No rushing, no compromises - everyone on the team needs to align on a hire, and we’ve found that including a detailed case study in the process is invaluable. It’s not just about skills; it’s about culture, values, and finding people who will thrive. A great team doesn’t just happen - it’s built carefully, brick by brick, and it’s worth every ounce of effort.
• Company values aren’t just nice-to-haves, they're your compass. They guide every decision, shape our culture, and keep us grounded when things get tough. At Carmoola, values like delivering WOW drive everything we do. Strong values attract the right people, keep the team aligned, and ensure we never lose sight of our mission.
• This year, we introduced a new value: ‘Spend it like it’s yours.’ As we scale, managing costs wisely has become more important than ever. The team has already been incredible at this, but it’s crucial to embed it into our culture as we grow. It’s about making thoughtful, intentional decisions with resources, treating every penny like it’s our own. Values like this ensure we stay lean, focused, and ready to tackle whatever challenges 2025 brings.

These lessons will guide me as we continue to grow and take on 2025.

Our team outing to Mamma Mia! The Party

Looking ahead: 2025 and beyond

As we head into 2025, we’ve got some big things in the works.

• Integrated car insurance: We’re working on rolling out a seamless insurance solution to make car ownership even easier.
• Personal Contract Purchase (PCP): Customers have been asking for more flexibility, and we’re delivering. This new option will open the door for more people to get behind the wheel without breaking the bank.

Our goal? To become the ultimate global super app for your car. Bold, yes. Achievable? Absolutely.

2024 has been a wild ride, and we couldn’t have done it without our incredible team, supportive investors and, of course, our amazing customers.. Buckle up 2025 is going to be one heck of a journey! 🚗💨