AutoFi, a San Francisco, CA-based provider of a commerce platform for digital automotive sales and financing, raised $85M in funding, valuing the company at nearly $700m.
The round was led by Santander Holdings USA, Inc., SVB Financial Group, and Crosslink Capital.
The company intends to use the funds to accelerate its investment in its engineering and customer-facing teams.
Led by CEO Kevin Singerman, AutoFi is a commerce platform for end-to-end digital automotive sales and financing, powering billions of dollars in transactions every year. AutoFi empowers sellers, including top dealers and digital retailers, to sell efficiently and profitably through its innovative platform and expansive network of trusted lenders. The company’s cloud-based pricing platform, RealPayments, and its Lending as a Service APIs offer customizable solutions to power prequalification and financing for the largest automotive brands in the industry.
The platform integrates the online, remote and in-store automotive sales experience. Customers shopping or researching vehicles online can obtain instant credit approvals and a firm financing offer from AutoFi’s network of lending institutions. Customers include North America’s top automotive dealers, digital retailers, banks, OEMs, and online marketplaces.
With four consecutive years of 100% revenue growth, AutoFi more than doubled the size of its staff in 2021 to 220 employees. The platform processed more than one million automotive financing requests that resulted in more than $3 billion in vehicle sales in 2021.
FinSMEs
08/03/2022