MotoRefi raises $8.6 million
MotoRefi, a fintech company offering an auto refinancing platform, announced it has raised $8.6 million in Series A funding. The round was co-led by Accomplice and Link Ventures with participation from Motley Fool Ventures, CMFG Ventures (part of CUNA Mutual Group), Gaingels and others. Rob Chaplinsky, Managing Director of Link Ventures, and Rachel Holt, former Uber executive and cofounder at Construct Capital, joined the Board.
The company, 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 the refinance 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 the funding announcement, the company states that it has pilot partnerships with top national brands like Progressive, Chime and others.
“I couldn’t be more proud of the team and the mission-driven business we’re building. 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.” – Kevin Bennett, CEO of MotoRefi.
“I’m eager to bring my experience building Uber to MotoRefi’s Board. 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.” – Rachel Holt, former Uber executive and cofounder at Construct Capital.
“We’re excited to lead this Series A round because MotoRefi is leveraging technology and analytics to make a huge difference in people’s lives. The auto industry isn’t consumer-friendly and MotoRefi is changing that. This is a tremendous market opportunity and we’re excited to back a great team.” – Ryan Moore, cofounder at Accomplice.
“As a fund focused on data-driven direct-to-consumer startups, Link Ventures is excited about how the MotoRefi team and its technology are going to help consumers improve their finances. In a world where the middle class gets squeezed and most Americans can’t afford an unexpected $400 bill, the savings that MotoRefi delivers to customers is incredibly meaningful.” – Rob Chaplinsky, Managing Director at Link Ventures.
“We believe that MotoRefi is uniquely positioned to help make it easy for consumers to save money. We’re thrilled to support MotoRefi’s customer-first mentality. MotoRefi shares The Motley Fool’s goals of empowering consumers to make good financial decisions.” – Ollen Douglass, Managing Director at Motley Fool Ventures.
“As lending continues to become increasingly digital, there is a significant opportunity to create better experiences for consumers and lenders. MotoRefi is changing the landscape with a tech-forward approach and increased reach and efficiency for our credit union partners.” – Brian Kaas, Managing Director at CMFG Ventures.