Caura’s iOS and Android apps promise to help simplify driving-related payments for Britain’s 30 million motorists, who often find themselves having to use up to 10 apps and websites to manage their vehicles.

Drivers are sent relevant information and timely reminders to help them stay compliant and keep on top of car insurance, MOT, vehicle tax, tolls and city charges.

With Lloyds’ backing, the company wants to develop embedded financial services such as motor loans and insurance, as well as add white-labeled payment options for auto partners and self-service SaaS tech for SME customers.

Kirsty Rutter, fintech investment director, Lloyds, says: "This significant investment represents another important step forward in our plans to work closely with fintechs and technology partners to bring together data-driven insight and technologies to help our customers."