DigniFi, a Seattle, WA-based financing platform for auto repairs and services, raised $14m in Series A funding.
Backers included Austin-based BuildGroup, the permanent capital company started by Lanham Napier, formerly of RackSpace, and Exor Seeds, the venture arm of Exor N.V., the holding company of the Agnelli family (controlling shareholder of Fiat Chrysler, Ferrari, CNHI, PartnerRe, and Juventus). In addition, the company has signed an agreement with Neuberger Berman Private Equity to purchase up to $275m of assets.
The financing enables DigniFi to grow its network of 5,000 auto service centers.
Led by Richard Counihan, CEO, DigniFi provides a platform that partners with auto service centers to offer access to financial products for car repairs, tires, accessories, and other automotive needs. Franchise dealerships and independent auto shops use it to allow customers to maintaine their vehicles. Customers apply on their personal phone and receive an instant decision from a lender. To date, the platform has provided access to over $120 million of financing in partnership with more than 5,000 auto service centers, covering all five profit centers of a dealership: financing and insurance (F&I), sales, parts and accessories, service, and collision. The loans are originated through WebBank, an FDIC-regulated bank.