Lloyds Banking Group has invested £4m in Caura, an all-in-one motoring app designed to take the hassle out of car ownership.

Caura brings all driving-related payments together into one place to simplify car admin for UK drivers

Aimed at drivers but also automotive and fleet firms, Caura brings all driving-related payments together into one place to simplify car admin for UK drivers.

It’s available on iOS and Android and manages car insurance, MOT, vehicle tax, tolls and city charges, cutting time and money according to the firm. Its figures indicate the UK’s 30 million motorists use between 8 and 10 apps and websites to manage their vehicles and the app streamlines this.

The Lloyds investment will be used to develop new and existing products and services for both consumers and businesses, including vehicle maintenance and UK-wide parking for both iOS and Android apps.

Dr Sai Lakshmi, CEO and founder, said: “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 overhauling the car insurance and maintenance processes which have remained antiquated and resistant to change.

“Our future plans for Caura include developing embedded financial services such as motor loans and insurance, white-labelled payment solutions for automotive partners and self-service SaaS solutions to SME customers.”

It’s the third fintech investment by Lloyds Banking Group, aligning with its plans to work closely with fintechs and technology partners to combine data-driven insight and technologies to support customers.

Kirsty Rutter, fintech investment director at Lloyds Banking Group, said: “Caura’s experienced management team have a relentless focus on customers, and we are excited to work with them to support the development and growth of this ground-breaking simple-to-use app.”