MotoRefi, an Arlington, Va.-based auto refinance startup for consumers to save on their auto loan, raised $4.7m in seed funding.
The round was led by Accomplice with participation from QED Investors and Motley Fool Ventures. In conjunction with the funding, Ryan Moore, co-founder of Accomplice, will join MotoRefi’s board of directors.
The company intends to use the funds to continue to expand operations and its business reach.
Led by CEO Kevin Bennett, MotoRefi provides a technology platform for consumers to save on their auto loans by connecting them with lenders, like credit unions and community banks, in addition to offering financial tools that protect their vehicles and finances.
Consumers fill out a short online form or call to speak with an agent if they prefer, and can receive a new rate within minutes. To lock in their refinance offer, consumers upload, email or text their documentation to MotoRefi’s platform, which allows them to save a trip to the DMV.