INSUBCONTINENT EXCLUSIVE:
Americans are saddled with $1.2 trillion in auto loans, according to data collected by the Federal Reserve
fintech startup that was born out of QED Investors in 2017, says it has developed an auto refinancing platform that handles the entire
process, from rooting out the best rates to paying off the old lender and re-titling the vehicle.Now, the company is preparing to scale up
and bring its platform to the masses, with $8.6 million in capital raised in a Series A funding round co-led by Accomplice and Link
Motley Fool Ventures, CMFG Ventures (part of CUNA Mutual Group) and Gaingels also participated in the round
The round follows $4.7 million in seed funding that MotoRefi announced in March 2019.MotoRefi is also gaining two new board members, Rob
Chaplinsky, managing director of Link Ventures, and Rachel Holt, former Uber executive and co-founder of a new VC firm, Construct
Capital.Auto loan debt is the same as student loan debt in the United States , said MotoRefi CEO Kevin Bennett
Bennett said the MotoRefi platform can save customers an average of $100 per month on their car payments.Holt, who was an early investor in
MotoRefi, said during her time at Uber she saw firsthand the amount of auto loans drivers were carrying
market is about $40 billion, according to TransUnion
But that market could be two to three times that size, according to data shared at TransUnion Financial Services Summit
adding new lenders and partners, according to Bennett
The new funding will be used to hire more employees and invest in its technology platform.The startup also launched in January separate
pilot programs with Progressive and Chime
Under these pilots, Progressive and Chime will directly offer refinance options to their customers in addition to working with affiliate
