Auto FinTech leader achieves major milestones, accelerates growth
Leading Auto Fintech startup, MotoRefi, has announced a $45 million Series B funding round led by Goldman Sachs Asset Management’s Growth Equity team (Goldman Sachs). The fundraise comes as the company experiences continued, accelerated growth and achieves major milestones.
MotoRefi works directly with credit unions and other trusted lending institutions to enable consumers to quickly and seamlessly refinance their auto loans, saving them an average of $100 a month on their car payments. With the new injection of funds, the company plans to continue its strong growth trajectory by investing in its platform and continuing to expand the team.
Goldman Sachs led the round, joined by new investor IA Capital and return investors Moderne Ventures, Accomplice, Link Ventures, Motley Fool Ventures, and CMFG Ventures.
“We’re impressed with MotoRefi’s rapid growth and innovative approach to this massive opportunity in auto fintech. MotoRefi is building a revolutionary business that helps consumers save money on what has become a major expense in their lives, and we couldn’t be more excited to join the team,” said Jade Mandel, Vice President on the growth equity team within Goldman Sachs Asset Management. She will become the third woman to join MotoRefi’s Board.
The fundraise reflects steady momentum for the platform. At a glance, the company has achieved:
7x revenue growth from Q1 2020 to Q1 2021
5x loan volume growth from Q1 2020 to Q1 2021
2.5x team growth from Q1 2020 to Q1 2021
“In 2020, we proved we are the go-to platform for auto refinance. In 2021, we’re scaling that offering to make auto refinance accessible to everyone- helping more people save money on their car payments,” said Kevin Bennett, CEO of MotoRefi. “Goldman Sachs is the best in the business when it comes to financial services, and we’re thrilled to partner with Jade Mandel and the Goldman Sachs team on our next phase of growth.”
The news also comes after a series of major company milestones. In Q1 2021, the company announced senior hires along with a new HQ, and launched a new technology ecosystem for other financial companies, including a groundbreaking partnership with SoFi.
This $45 million round is a large increase from MotoRefi’s most recent fundraise, a $10 million Series A-1 round in January 2021. With this Series B investment, the company has now raised more than $60 million since its inception in 2016.
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