Cazoo has acquired Swipcar.
Founded in 2018, Swipcar has grown to a team of around 100 staff based in Barcelona and offers a wide selection of cars available from various leasing company partners for an all-inclusive single monthly subscription payment which includes the car, insurance, maintenance, service and tax.
As well as operating in Spain, Swipcar has also recently launched in Italy and Portugal.
The transaction will combine Cazoo’s platform with Swipcar’s expertise and relationships in southern Europe and, once integrated, will accelerate the launch of Cazoo’s full proposition into these markets, it said.
Cazoo acquired Swipcar for €30m for a mix of cash & Cazoo shares and the transaction is expected to have a negligible impact on Cazoo’s FY2021 operating results.
Alex Chesterman OBE, Founder & CEO of Cazoo said: “Swipcar has built a market-leading car subscription marketplace in Spain adding hundreds of new customers every month. This deal will enable us to accelerate our launch plans in Spain and Italy, offering consumers the option of buying, selling, financing or subscribing to a car entirely online. I look forward to welcoming Julio and his team to Cazoo and to working with them to deliver the best experience to consumers looking for their next car in Europe.”
Julio Ribes CEO of Swipcar, added: “I am very proud of the platform and team we have built at Swipcar. We have developed strong partnerships with thousands of loyal customers and key industry players. Cazoo has a clear vision and strategy that is fully aligned with ours and we are looking forward to joining forces and accelerating the launch of Cazoo and the digital transformation of the car buying, selling and subscription experience in Spain and across Europe.”