MotoRefi raises $10 million
Arlington-based auto refinancing platform MotoRefi closed a $10 million Series A-1 funding round led by Moderne Ventures.
Founded in 2016, the company (a team of ~83), incubated by QED Investors, allows customers to receive offers “in seconds” and get help with paying off the old lender and re-titling the vehicle. Through partnerships with lenders such as credit unions and community banks, MotoRefi claims that customers are able to save an average of $100 per month on their car payments.
Aside from its core product, MotoRefi also features auto insurance on its site , claiming that it works with top car insurance partners to bring customers the best deals. In February 2020, the company stated that it had pilot partnerships with Progressive , Chime and others.
“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.” – Moderne Ventures Partner Liza Benson.
“We are tremendously excited to add Moderne Ventures and their wealth of consumer finance experience to the team. 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.” – MotoRefi CEO Kevin Bennett.
PS. Carputty is in ’emerging mode.’