(Photo via MotoRefi website)
Arlington, Virginia-based fintech company MotoRefi has closed on a $8.6 million Series A funding round.
Founded in 2016, the 50-person company is the creator of an auto refinance platform. This latest funding round was co-led by Accomplice and Link Ventures with participation from Motley Fool Ventures, CMFG Ventures, Gaingels and others. MotoRefi plans to use the fresh funding to expand its team, advance its digital platform and add new lenders and partners across the U.S., the company shared in a press release.
“I couldn’t be more proud of the team and the mission-driven business we’re building,” said MotoRefi CEO Kevin Bennett in a statement. “Every day, we have the privilege of making a difference in consumers’ lives by improving their financial situations. We are grateful for the opportunity to partner with trusted lenders to make that happen.”
MotoRefi partners with credit unions and community banks to bring car owners lower monthly auto payments. The company reports that it saves its customers an average of $100 per month on auto payments. Users of the digital platform can complete a quick refinancing process online and will be able to see how much money they can potentially save before making any major decisions. Once customers decide to move forward with their auto refinancing, MotoRefi will manage paying off the old lender and retitling the car.
As part of the new funding raise, Rob Chaplinsky, managing director of Link Ventures, and Rachel Holt, cofounder of Construct Capital, have joined MotoRefi’s board of directors.
“I’m eager to bring my experience building Uber to MotoRefi’s Board,” said Holt, who is also a former Uber executive. “MotoRefi is transforming the world of auto financing. I’m proud to have been an early investor and am extremely excited about the team they’ve built.”
After closing its seed round of funding amounting to $4.7 million back in 2018, which was also led by Accomplice, this Series A brings the company’s total to-date venture capital raise to $13.3 million.
The company currently lists open roles such as VP of people and culture and senior product manager on its site.
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