Welsh car lease comparison start-up Moneyshake has secured £500K in funding.

The equity investment was made by the Development Bank of Wales and entrepreneur and private investor Tim Scholes.

The company said it plans to use the funds to expand its online car leasing market.

Currently a team of four, the firm now plans to expand over 12 months, creating a new positions in senior technology, marketing and management jobs in Wales.

Eben Lovatt, CEO of Moneyshake said more people are turning to leasing, rather than buying their car.

“We decided the best institutional investor partner for us would be the Development Bank of Wales,” said Lovatt.

“We fit into their existing portfolio well and we have a positive chemistry with their team. South Wales is a great location for us and has some fantastic resource that we can utilise.

“In addition, with Tim backing us, we have a highly experienced strategy professional and visionary entrepreneur in the team. As a group, we’re confident we have the right team to grow into a successful digital brand right here in Cwmbran.

“85 per cent of adults in the UK have used a price comparison site and consumers are familiar with them. Our focus on the car leasing sector is based upon our own frustrations in seeking a good deal on lease vehicles. Moneyshake opens up the widest choice of options so that consumers can easily find the right deal for them.”

“Our plan is to grow the Moneyshake brand to become synonymous with car leasing. We’ve got a fantastic brand, a brilliant website, great people and now we’ve got the investment we needed to take it all to the next level.”

David Blake, of the Development Bank of Wales, added: “Moneyshake has real potential to be a positive disruptive player not just in the price comparison sector but the wider FinTech market.

“They have a dynamic vision with real growth potential and ambitions to increase their workforce here in Wales. We’re excited to be working with the management team on their future plans.”