A new digital vehicle finance "disrupter" says it will revolutionise the $5 billion car finance industry.
NZ Fintech is expanding into digital vehicle finance with Zooma.co.nz - set to launch in November following a recent successful capital raise of $50 million from a big Silicon Valley investment firm.
Zooma is the latest of NZ Fintech's range of products and Managing Director Edward Recordon says it will revolutionise the car lending space by providing a one‐stop‐shop for vehicle finance – direct to consumers and car dealers. It aims, he says, to provide an unmatched lending experience for a digitally connected marketplace.
"With the archaic processes often found in the car finance industry, worth $5 billion annually, Zooma is here to disrupt things for the better," says Recordon.
Following a soft launch in 2019, the product has been fine-tuned through an extensive development process, including live-market testing, and has proven demand for an alternative to the often time-consuming and overwhelming world of car finance.
Zooma will offer six distinct tiers of products designed to cater for all consumers, because not everyone has had the chance to build their credit profiles over a long period of time. That can be for any number of reasons, but that doesn't mean they do not deserve a loan.
Launched in 2013, the Christchurch-based lender has 40 staff and processed over 375,000 loans to date. NZ Fintech has won numerous Deloitte Fast 50 awards for technology and growth, namely fastest-growing technology company and second fastest -growing company overall in New Zealand in 2017.
Built using the foundation of NZ Fintech's award-winning consumer finance platform, Zooma's technology allows huge scalability, advanced onboarding systems and robust lending management, says Recordon – all completely online to service everyday Kiwis' demand for vehicle finance.