ASF, an automotive fin-tech start-up, has secured an investment boost of nearly £1 million.
ASF raised more than £950,000 from a number of private investors, following a high level of uptake in 2017. The finance product rolled out at its 850th UK dealership recently. Dealerships have found the ASF product, which provides a payment option to help motorists spread the cost of vehicle servicing and repairs, has enabled customers to go ahead with work that they otherwise couldn’t have afforded.
ASF will use the new funds will be used to enhance the machine learning capabilities used to process customer applications quickly yet responsibly.
James Jackson, founder and co-CEO of ASF, said: “It is clear there is great demand for more options when it comes to covering the cost of maintaining our vehicles, which is all too often an expensive and stressful experience. ASF provides greater flexibility and transparency to enable motorists to stay on the road without the hassle of high, and often unplanned for, one-off bills.
“Dealerships have been offering finance packages on vehicle sales for many years, and they are beginning to recognise the importance of adopting interest-free payment methods within their service divisions.“This investment will enable us to continue our rapid growth by growing our technology team to enable us to further improve the customer experience, adding more features and even greater flexibility.”
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