– AutoFi, the San Francisco-based supplier of dealership methods to help on-line automobile gross sales and financing, has raised $85 million to broaden its operations, the corporate mentioned on Monday.
The funding values AutoFi at practically $700 million, the corporate mentioned. Traders within the new spherical embody Santander Holdings USA, Silicon Valley Financial institution and Crosslink Capital.
The pandemic has spurred growing shopper curiosity in on-line automobile financing and purchases from U.S. auto sellers, a pattern acknowledged and usually supported by automakers.
Earlier traders in AutoFi embody BMW iVentures and Ford Motor Credit score, in line with investor web site PitchBook.
AutoFi mentioned its digital commerce platform was used to course of a couple of million automobile financing requests in 2021, supporting greater than $3 billion in retail gross sales.
The most recent funding spherical can be used to broaden AutoFi’s platform to banks, in addition to captive and specialty finance firms, in line with Kevin Singerman, AutoFi’s chief govt and co-founder.
Santander Client USA mentioned it should broaden its partnership with AutoFi to roll out Santander’s on-line gross sales and financing program nationwide.
Post a Comment