Fastcheck Raises £1.3M to Automate Finance Brokering for the UK Automotive Industry

Fastcheck, a UK financial technology company, has raised £1.3 million to develop its automated finance brokering platform for the UK automotive industry. The company is building software that streamlines the process of arranging vehicle finance at the point of sale — enabling car dealers and automotive finance brokers to match customers with the most appropriate finance product from across their panel of lenders more quickly and with less administrative effort than the predominantly manual process that currently dominates the market.

Vehicle finance is one of the UK's largest consumer credit markets. The majority of new and used cars in the UK are purchased using some form of finance — personal contract purchase (PCP), hire purchase (HP), or personal contract hire (PCH) — rather than cash, and the finance arrangement is typically handled either by the dealer's in-house finance team or by specialist automotive finance brokers. For most dealers, arranging finance involves submitting customer applications to multiple lenders, manually tracking statuses across separate lender portals, managing the documentation required for each lender's compliance process, and navigating the different product criteria that determine which customers qualify for which products. This process is time-consuming, error-prone, and adds friction to a car purchase transaction where speed and simplicity are both commercially and experientially important.

Fastcheck's platform automates the key steps in this process: gathering the customer information needed for a finance application, submitting it to multiple lenders simultaneously, comparing the responses, and presenting the dealer or broker with the most suitable options in a single, consolidated view. Downstream from the application, the platform manages document collection, compliance verification, and the administrative steps required to draw down the finance and complete the transaction. For dealers, this reduces the time required to process a finance application and improves the likelihood that a suitable product is found without requiring multiple manual resubmissions. For customers, it accelerates the purchase completion and reduces the experience of waiting while a salesperson navigates multiple portals in the background.

The funding will be used to develop the platform, build lender integrations, and establish the commercial distribution partnerships with dealer groups and finance brokers needed to scale the customer base.

Sources

• Fastcheck — company website