DriverUp, a Dallas, Texas-based online marketplace for automotive financing, closed a $20 million Series B round.
The round was led by new investor SF Capital Group with participation from existing investors Emerald Development Managers and RRE Ventures. In conjunction with the funding, Neil Wolfson, president of SF Capital Group, joined DriverUp’s Board of Directors.
The company intends to use the funds to accelerate product development, support added marketplace loan inventory and ramp up marketing efforts.
Led by Sam Ellis, chief executive officer, DriverUp provides a marketplace that gives accredited investors such as hedge funds, endowments, family offices, and high net worth individuals the opportunity to directly enter the $1 trillion auto lending industry and provides dealers with a streamlined credit process.
The platform uses software and advanced data analytics to enable efficient processing and direct investment in auto loans, with full transparency and reporting.