MotoRefi, an auto refinancing startup on a mission to help consumers save on their car loans, recently announced it secured $10 million through its Series A-1 funding round, which was led by Moderne Ventures. According to MotoRefi, the Series A-1 round follows its Series A round, announced in February 2020, which saw $9.4 million raised, bringing the 12-month fundraising total to nearly $20 million.
Founded in 2016, MotoRefi states that it believes refinancing auto loan should be a simple, transparent process.
“Through our partnerships with trusted lenders, like credit unions and community banks, we bring customers great rates and lower monthly payments, ultimately saving customers an average of $100 per month on their car payments. Too many people are driving around with a bad deal on their auto loan. What’s more, many people don’t realize it, or don’t know what to do about it. Through our partnerships with top local and community lenders, we bring customers great rates and lower monthly payments.”
Speaking about the investment, Kevin Bennett, CEO of MotoRefi, shared:
“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.”
The company is planning to use the funds to continue the expansion of its platform.