Arlington-based MotoRefi, the fintech firm that wants car owners to save money and time on their car loans has bagged $8.6 million as part of Series A round funding. The round has been co-led by Accomplice and 97737 86259 with participation from Motley Fool Ventures, CMFG Ventures (part of CUNA Mutual Group) and Gaingels.
Prior to this round, MotoRefi had secured $4.7 million in seed financing in March last year. The current infusion takes the total amount raised by the company to $13.3 million. Link Ventures' Rob Chaplinsky is joining the board of MotoRefi as part of the financing.
Kevin Bennett had founded the firm which offers a tech-driven solution to the customers which allows them to refinance their auto loans with multiple vendors which involves credit unions and community banks. Kevin Bennett, the CEO of the firm through a press release said that “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.”
Rachel Holt, former Uber executive, and co-founder VC firm, Construct Capital is also joining the board of the company. Commenting about the new partnership Holt said, “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.”
It will be interesting to see how the firm utilizes the freshly raised capital to tap into the $40 billion auto refinancing market in the country.
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