Lloyds invests in app helping UK drivers avoid traffic fines
(Bloomberg) — One of Britain’s biggest banks is getting behind a startup making car ownership less of a hassle, particularly in city centers, where failing to keep up with all manner of taxes and tolls can lead to big fines.
LLoyds Banking Group Plc has put £4 million ($5 million) into Caura, a four-year-old company already backed by Jaguar Land Rover’s venture arm, in its third fintech investment since last year.
Caura’s app for iOS and Android is an all-in-one place for drivers to manage their administrative rigmarole, which in the UK includes insurance, annual safety and tailpipe exhaust tests, and charges that aim to reduce road congestion and emissions. The startup will use Lloyds’ investment to develop new and existing products, including for vehicle manufacturers, financial institutions and rental-car companies.
“Where we take this going forward is, all of what we’ve built on the platform can be feted out to an enterprise customer,” Sai Lakshmi, Caura’s chief executive officer, said in an interview.
Caura’s angel investors include Jon Oringer, the founder of Shutterstock, and Antony Sheriff, the former CEO of McLaren Automotive Ltd.