BAKU, Azerbaijan, May 19. ITOCHU Corporation
has acquired shares in UK-based auto loan broker CARMONEY Ltd. in
partnership with the Fund Corporation for the Overseas Development
of Japan’s ICT and Postal Services (JICT), making CARMONEY a
consolidated subsidiary of ITOCHU, Trend reports via the
company.
The transaction will be carried out as a joint investment with
JICT (Japan ICT Fund), supporting Japanese overseas expansion
initiatives while strengthening ITOCHU’s global
competitiveness.
Founded in Scotland in 2016 by Peter Vardy Holdings, CARMONEY
operates a digital auto finance brokerage platform. The company
connects consumers with financial institutions and used-car
comparison services, leveraging AI-driven evaluation and matching
technologies.
ITOCHU Corporation has been active in the UK auto finance market
since 1999 through its subsidiary First Response Finance Ltd.,
which provides used car loans via dealerships. The acquisition of
CARMONEY will allow ITOCHU to integrate CARMONEY’s online consumer
platform with its established dealer-based lending network,
expanding its automotive finance operations in the UK.
The companies stated they will comply with the UK Financial
Conduct Authority’s Consumer Duty rules, ensuring transparent and
fair financial services. The combination of digital tools and
traditional customer service is expected to enhance convenience and
reliability for consumers while supporting market development.
Under its management strategy, “The Brand-new Deal: Profit
opportunities are shifting downstream,” ITOCHU is increasing
investments in downstream sectors and expanding its value chain
through digital technologies. The group said the deal will
strengthen its auto finance ecosystem and contribute to broader
improvements in customer services and sustainable economic
development.
