AutoFi raises $85 million

Commerce platform for digital automotive sales and financing AutoFi has closed $85 million in funding valuing the company at nearly $700 million. The financing included participation from investors Santander Holdings USA, SVB Financial Group, and Crosslink Capital.

Founded in 2015, the San Francisco-based startup offers dealers a platform that supports online vehicle sales and financing. AutoFi’s platform processed over one million automotive financing requests that resulted in $3+ billion in vehicle sales in 2021.

AutoFi is also partnering with Santander to help the bank develop an end-to-end digital car buying experience.

“We are humbled to have some of the world’s leading financial institutions share our vision to bring innovation to automotive commerce. Finance is a critical part of how people buy and sell vehicles and continues to be a main source of friction in the automotive retail process. Finance must be more integrated into digital experiences. With this additional capital we will double down on our mission to bring joy and trust in this market by enabling banks, captives and specialty finance companies to better support the massive transition of offline to online commerce.” – Kevin Singerman, CEO and co-founder of AutoFi.

“AutoFi is leading the digital evolution of car buying by combining innovation in automotive finance and retailing. We want to help dealers sell as many vehicles as possible, and AutoFi’s platform makes it easier for dealers to do business with Santander Consumer, connecting them more efficiently and effectively with consumers, helping complete transactions faster and bringing finance innovation into the car buying process. We are privileged to be part of AutoFi’s growth story.” – Mahesh Aditya, president and CEO of Santander Consumer USA.