"Our plan is to grow the Moneyshake brand to become synonymous with car leasing. Weve got a fantastic brand, a brilliant website, great people and now weve got the investment to drive forwards. "
Eben Lovatt, CEO, Moneyshake
Entrepreneurs who have founded a specialist price comparison website have secured £500,000 of seed-stage investment and say they are now ready to disrupt the UK car leasing market.
Moneyshake.com, which is based at Keele University’s Smart Innovation Hub, helps people find the best lease deals quickly by comparing prices from the UK’s leading providers.
The £500,000 equity investment has been provided by the Development Bank of Wales and serial entrepreneur Tim Scholes, a private investor and experienced fintech strategy professional.
Car leasing continues to rise in popularity as people desire new cars more frequently and leasing is seen as the future of car ownership. Typical leases range between 18 and 36 months. Vehicles are handed back to the leasing providers at the end of a contract.
Research* from the British Vehicle Rental and Leasing Association (BVRLA) reveals there are more than 5 million leased cars on the road in the UK. Last year, the consumer car market saw the highest level of growth in the leasing sector at 14%.
The company is currently a team of four employees and is now looking to expand significantly during the next 12 months creating a range of senior technology, finance, marketing and management jobs in Newcastle-under-Lyme.
Eben Lovatt, CEO of Moneyshake, is just 22 years old, and said:
“As more people turn to leasing rather than buying a new car our business can only grow. We had a fantastic response from the investment community when we did our funding round.
“We decided the best institutional investor partner for us would be the Development Bank of Wales. We fit into their existing portfolio well and we have a positive chemistry with their team. In addition, with Tim backing us, we have a highly experienced strategy professional and visionary entrepreneur in the team. As a group, we’re confident we have the right team to grow into a successful digital brand.
“Keele University is a perfect fit for us. The ecosystem is conducive to start-ups like ours, and it means that we can stay local to Stoke-on-Trent and Staffordshire. We want to give local people the opportunities that weren’t available for us a few years ago, and to prove that there are no limitations to growing a business in this area.
“We wanted to be located in the heart of an environment full of like-minded individuals, with access to the skills, talent and expertise available within an innovative university, and Keele’s Smart Innovation Hub ticked all of those boxes and more.”
“85 per cent of adults in the UK have used a price comparison site and consumers are familiar with them. Our focus on the car leasing sector is based upon our own frustrations in seeking a good deal on lease vehicles. Moneyshake opens up the widest choice of options so that consumers can easily find the right deal for them.”
“Our plan is to grow the Moneyshake brand to become synonymous with car leasing. We’ve got a fantastic brand, a brilliant website, great people and now we’ve got the investment we needed to take it all to the next level.”
David Blake, of the Development Bank of Wales, added:
“Moneyshake has real potential to be a positive disruptive player not just in the price comparison sector but the wider FinTech market. We’re excited to be working with the management team on their future plans.”
The Smart Innovation Hub offers an opportunity for new and innovative businesses and entrepreneurs to grow through collaboration with Keele University’s sector-leading academics and talented students.
Situated at the heart of Keele University’s campus and co-located alongside Keele Business School, the facility has been designed to support the creation and growth of new businesses and encourage more innovation-led business growth.
Dr Nick Gostick, Director of the Smart Innovation Hub, added:
“To have an exciting, dynamic and growing company such as Moneyshake moving onto the campus is testament to what we are trying to achieve here at Keele. The University, and its Science and Innovation Park, is constantly evolving to meet the needs of the local community and beyond.
“Through the accommodation, bespoke incubation provisions and business support programmes that the Smart Innovation Hub is able to offer, we will now be able to support and work collaboratively with even more local businesses, enabling their growth and bringing more high-value jobs to Stoke-on-Trent and Staffordshire.”