Lloyds invests £4m in car payments app Caura
By Gloria Methri
Lloyds Banking Group has invested £4 million in Caura, an all-in-one motoring app that provides a single, intuitive interface for all driving-related payments.
Caura for iOS and Android caters to the 30 million motorists in the UK who are found using 8-10 apps and websites to manage their vehicles. The app simplifies car administration by sending drivers relevant information and timely reminders to help them stay compliant. It also manages car insurance, MOT, vehicle tax, tolls, and city charges, helping drivers save time and money.
The investment from Lloyds Banking Group will support the development of new and existing products and services for both consumers and businesses including vehicle maintenance and UK-wide parking for both iOS and Android apps.
The investment in Caura is Lloyds Banking Group’s first FinTech investment of 2023 and comes as part of the bank’s involvement with the Fintech Delivery Pledge, which is a joint initiative between HM Treasury and Tech Nation to connect stakeholders in the sector.
Caura plans to use the additional capital to add new tools such as motor loans and insurance and white-label payment solutions for automotive partners.
Kirsty Rutter, FinTech Investment Director at Lloyds Banking Group, said, “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, CEO, and Founder of Caura, added, “Lloyds Banking Group’s investment will help accelerate our plans to improve Caura for our consumer customers and our industry partners. 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 overhaul the car insurance and maintenance processes which have remained antiquated and resistant to change.
IBSi Daily News Analysis
March 01, 2024
Banking Sector and regulatory framework: addressing India’s growing demand for secure lockersRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage