FinTech Startup Caribou Partners with Uber to Offer Drivers and Couriers Instant Auto Loan Refinancing

Partnership gives drivers the potential to save up to $100 a month or more on car payments

Caribou, the auto fintech startup on a mission to help consumers save money on their auto finances, announced its official partnership with Uber. This new technology enables Uber to deliver Caribou’s fast and easy auto refinancing to drivers and couriers, potentially saving them hundreds of dollars on their auto loans.

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For many car owners, refinancing an auto loan has a meaningful impact on their financial lives. Through this partnership, Uber will provide drivers on its UberPro app with direct access to Caribou’s streamlined refinance process, which can help borrowers find a better rate on their auto loans in minutes. Caribou saves borrowers over $100 a month on average, and often thousands of dollars in interest over the lifetime of their loans.

“Like Uber, our goal is to offer people flexibility and unlock barriers for people. That’s why we built an easy auto refinance platform to help consumers save on their car loans,” said Caribou CEO Kevin Bennett. “Together, Caribou and Uber are proud to help reduce expenses and expand opportunities to maximize their earnings. We’re proud to partner with Uber to offer drivers this opportunity.”

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“For many earners, an auto loan is among the biggest expenses of operating a car and earning money through Uber,” said Alix Anfang, Uber spokesperson. “We’re always looking for ways to increase accessibility and flexibility and partnering with Caribou to provide an easy route to saving money on their car payments is a huge win for our Earners.”

The offering will first launch in California, with expansion into subsequent states at a later time.

This partnership with Uber comes after Caribou launched an ecosystem API in April, partnering with student loan refinance platform SoFi among others. It also announced it had raised $50 million in Series B funding led by Goldman Sachs Asset Management’s Growth Equity.