Daimler, the German multinational auto company behind Mercedes-Benz and Smart, has announced it is investing millions of euros in smartphone-based vehicle leasing and financing app AutoGravity.

AutoGravity, founded in late 2015 in California, enables customers to use their smartphones to browse and select vehicles from different manufacturers and choose from a selection of finance offers. It was initially piloted in the state of California in mid-2016, in conjunction with Mercedes-Benz Financial Services.

“With our investment in AutoGravity, we are now taking the strategic step of preparing the conventional financing and leasing business for digital sales channels,” said Bodo Uebber, member of the board of management at Daimler AG, responsible for financing & controlling and Daimler Financial Services. “We believe AutoGravity and its technology have the potential to revolutionise the sector for online financing while, at the same time, offering a digital platform for other financial services providers and automotive manufacturers.”

The app is available in the US through iOS, Android and web applications. It is said to have surpassed 150,000 downloads since its pilot launched in 2016.