MotoRefi, an auto refinancing startup on a mission to help consumers save on their car loans, announced on Friday it scored $45 million through its Series B investment round, which was led by Goldman Sachs Asset Management. The latest investment round comes less than six months after MotoRefi raised $10 million through its Series A-1 funding round, which was led by Moderne Ventures.The Series A-1 round notably 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. The company has raised more than $60 million since its inception in 2016.
As previously reported, 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.”
While speaking about the company’s development, Kevin Bennett, CEO of MotoRefi, revealed:
“In 2020, we proved we are the go-to platform for auto refinance. In 2021, we’re scaling that offering to make auto refinance accessible to everyone- helping more people save money on their car payments. Goldman Sachs is the best in the business when it comes to financial services, and we’re thrilled to partner with Jade Mandel and the Goldman Sachs team on our next phase of growth.”
MotoRefi then added Goldman Sachs was joined by new investor IA Capital and return investors Moderne Ventures, Accomplice, Link Ventures, Motley Fool Ventures, and CMFG Ventures.