ASF has secured more than £950,000 from private investment following a "surge in revenue growth".

The funding will be used to enhance the machine learning capabilities used to process customer applications.

ASF said: “The business enjoyed 1,000% year-on-year revenue growth in 2016 as the total amount of repairs, servicing and accessories funded through ASF exceeded £6 million, a 100% increase over the last six months.

“This followed an increase of more than 150% in its customer base, with the number of UK dealerships offering ASF rising from 300 to 850 over the last 12 months.”

ASF’s solution has been rolled out across franchised dealerships such as Jaguar Land Rover and Peugeot Citroën.

Dealerships have found their customers have been able to go ahead with work using ASF that they otherwise couldn’t have afforded.

The payment method is funded exclusively by dealers, who pay a small transaction fee on any sales made through ASF, meaning the customer gets flexibility.

ASF believes that it is the only funding solution available focusing solely on the repairs and service market.

James Jackson founder & co-chief executive at ASF (pictured) said: “It is clear there is great demand for more options when it comes to covering the cost of maintaining our vehicles, which is all too often an expensive and stressful experience. 

“ASF provides greater flexibility and transparency to enable motorists to stay on the road without the hassle of high, and often unplanned for, one-off bills.

“Dealerships have been offering finance packages on vehicle sales for many years, and they are beginning to recognise the importance of adopting interest-free payment methods within their service divisions.

“This investment will enable us to continue our rapid growth by growing our technology team to enable us to further improve the customer experience, adding more features and even greater flexibility."