Sydney-based car loan fintech Carclarity has raised a $1 million seed round led by Equity Venture Partners (EVP), just 12 months after launching.
The funds will be use to build the startups product and development as it looks to expand from car financing to embedding itself in the car buying experience.
Others in the funding round included senior executives and employees of Prospa, Harmoney and Uno Home Loans. Prospa exec Raj Bhat, a former Partner at KPMG will join CarClarity’s board, along with Mark Velik of EVP.
Founded in 2019 and launched in March 2020 by a trio who previously worked at fintechs such as Plenti, Prospa and FlexiGroup, Carclarity’s to build a better way to find a car and secure finance.
Co-founder Zaheer Jappie said the current process is broken and tipped against consumers.