MotoRefi, an auto refinancing startup on a mission to help people save on their car loans, has announced a $10 million Series A-1 funding round. The round was led by Moderne Ventures, whose partner Liza Benson will join MotoRefi’s board. MotoRefi’s seamless tech platform and network of trusted lenders makes it easy for consumers to refinance and save on their car loans.
Read More: XP Inc. Acquires Riza M&A
This Series A-1 round follows its Series A round, announced in February 2020, which garnered $9.4 million for MotoRefi, bringing the 12-month fundraising total to nearly $20 million.
Since then, the company has been growing at a rapid clip. In 2020 alone, the company:
- grew its revenue six times;
- doubled the number of lenders on its platform;
- and tripled its headcount.
In adding MotoRefi to the Moderne portfolio, Benson said, “I couldn’t be more excited about MotoRefi’s trajectory and the team they’ve built. They are revolutionizing the auto finance space for consumer auto, a $1.2 trillion market – and are the unequaled tech leader in this largely untapped space.”
Read More: GlobalFintechSeries Interview with Rohit Arora, CEO at Biz2Credit
MotoRefi’s platform works with numerous credit unions, community banks and other lending institutions to provide an unparalleled experience for both consumers and lenders that is up to 20 times more efficient than any other offering currently in the auto refinancing industry.
“We are tremendously excited to add Moderne Ventures and their wealth of consumer finance experience to the team,” said Kevin Bennett, CEO of MotoRefi. “Their partnership will enable us to accelerate our already strong growth trajectory, invest more deeply in our tech platform, grow the team and reach a growing segment of this large market. It all adds up to more savings for consumers. That’s the mission.”
Read More: Hacking Insurance to be 10x Faster
