According to a press statement from Monday (March 7), AutoFi, a San Francisco-based eCommerce platform for online car sales and financing, has raised $85 million in total capital, valuing the business at close to $700 million.
According to the press announcement, the company would use the funds to accelerate its investment in its technical and customer-service teams. Santander Holdings USA, Crosslink Capital, and Silicon Valley Bank’s parent company, SVB Financial Group, all participated in this financing round.
According to the press statement, AutoFi processed 1 million requests for car finance last year, leading to more than $3 billion in vehicle sales and four years of straight 100% revenue growth. In 2021, the company’s workforce doubled to 220 people.
Auto loan companies can expand their decision-making and pricing skills into point-of-search buying experiences thanks to the company’s cloud-based pricing network. According to the press announcement, the tool guarantees that customers are pre-qualified for financing and may view their monthly payments for thousands of vehicles.
According to CEO Kevin Singerman in the press announcement, “Finance is a crucial aspect of how customers buy and sell vehicles and continues to be the main cause of friction in the automotive retail process.” “Digital experiences must better incorporate finance.”
In other news, Cars.com purchased CreditIQ and Accu-Trade last month to assist in easing the difficulties associated with the protracted financing procedure, along with the valuation and sale of a used automobile.
Cars.com now provides buyers and sellers of cars a frictionless, omnichannel experience thanks to the addition of the two new digital solutions.
A digital automobile FinTech company called CreditIQ offers quick online loan screening and approvals. The technology from Accu-Trade promises to make it simpler for dealers to purchase used automobiles from individuals and other dealers.